SP Group Ki Deal Lattak Gayi? TCS Ka Share Girne Se Bondholders Se Maangi Chhoot!

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AuthorVihaan Mehta|Published at:
SP Group Ki Deal Lattak Gayi? TCS Ka Share Girne Se Bondholders Se Maangi Chhoot!
Overview

Yaar, Shapoorji Pallonji Group ke liye situation thodi tricky ho gayi hai. Unki Porteast Investment wali unit bondholders se request kar rahi hai ki kuch time ke liye loan ki ek important condition (covenant) relax kar dein. Iska total amount hai **₹28,600 crore**. Ye sab isliye ho raha hai kyunki Tata Consultancy Services (TCS) ka share price zoor se gira hai, jo inka major collateral tha.

TCS Girne Se SPG Ki Tension Kyun Badhi?

Asal mein, SPG apni Porteast Investment unit ke through jitna paisa raise karna chahti hai, uske liye jo collateral (guarantee ke liye rakhe shares) use ho raha hai, uska value kam ho gaya hai. Main reason hai Tata Consultancy Services (TCS) ka stock jo pichhle ek saal mein 30% tak gir gaya hai aur ye TCS ka stock hi Porteast bonds ka lagbhag aadha collateral hai. Ab SPG chahti hai ki bondholders se ek key loan-to-value (LTV) covenant mein chhoot mile, matlab LTV limit 34% se badha kar 40% kar di jaaye, aur ye 3 mahine ke liye ho.

Refinancing Plan Mein Kaise Bani Baat?

Ye waiver request SPG ke liye bahut important hai kyunki wo apni subsidiary Goswami Infratech ke liye lagbhag ₹28,000 crore ka loan refinance karna chahte hain. SPG ne pehle bhi bade debts ko manage kiya hai assets bech kar ya fir bahot high interest rates par borrow karke. Goswami Infratech ke bonds toh 18.75% se lekar 21.75% tak ke interest rate par issue hue the. Loan ki terms ko follow karna unke liye zaroori hai taaki refinancing better terms par ho sake.

Market Ka Bawaal Aur SPG Ka Risk

Jab se Iran mein war jaisi geopolitical tensions badhi hain, market mein kaafi gadbad hai. Indian stock markets ₹41 lakh crore se zyada investor wealth wipe out ho chuki hai. Foreign investors bhi selling kar rahe hain aur rupee bhi kamzor ho raha hai. Is pura scene ne SPG ke liye risk aur badha diya hai.

Is situation mein, companies jinke paas bada debt hai aur jo collateral value par depend karti hain, unke liye mushkil ho jaati hai. SPG ka debt pehle ₹45,000 crore tak pahunch gaya tha, ab asset sales ke baad ₹20,000 crore ke aas paas hai. Porteast bonds par hi 19.75% ka interest rate hai, jo kaafi high hai.

TCS Ka Kya Scene Hai?

TCS ka stock jo ₹2,389.85 ke aas paas trade kar raha hai (27 March 2026 tak), uska market cap lagbhag ₹8.65 lakh crore hai. Iska P/E ratio 16.5 se 18.17 ke beech hai, jo historical average se kam hai. Analysts ko lagta hai ki ye undervalued ho sakta hai, par IT sector mein global spending kam hone aur AI ke impact se investors worried hain. SPG ka collateral TCS ke stock par bahut depend karta hai, jo abhi pressure mein hai.

SPG ka sabse bada risk hai ki wo kuch specific assets par hi collateral ke liye depend karta hai. Kai baar unka debt Tata Sons mein unke stake se secured rehta hai, jisse TCS ka collateral value indirectly use hota hai. Agar TCS ka stock girta raha, toh loan covenants break ho sakte hain, aur high-yield bonds default ho sakte hain.

SPG ko pehle bhi financial difficulties hui hain, jaise 2020 mein loan restructuring. Ab Goswami Infratech ka ₹28,000 crore ka debt April 2026 tak refinance karna SPG ke liye bahut bada challenge hai. Agar market stable raha aur investors interested rahe, toh shayad SPG ye deal kar paaye. Ye waiver request unki current financial situation ka ek important indicator hai.

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