Adani Port Purchase Provides Conglomerate Shapoorji Debt Relief [BNN Bloomberg (Canada)]
Houlihan Lokey, Inc. Class A (HLI)
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Source: BNN Bloomberg
that would help lower the debt burden of the Indian construction group controlled by billionaire Shapoor Mistry. Adani Ports agreed to purchase a 95% stake in the port for 13.5 billion rupees ($162 million) from Shapoorji and Orissa Stevedores Ltd., according to a press statement Tuesday. Bloomberg News reported on the planned purchase earlier. The transaction is expected to prevent a bond covenant from being triggered for Shapoorji, which would have led to increased borrowing costs. The group's unit Goswami Infratech had to bump up yields by 2% to 20.75% after failing to sell the port by Dec. 31. Not selling the asset by March-end would have resulted in a step-up in yields to 22.75%. “For Shapoorji, the deal assumes significance as this should help reduce high-cost debt,” said Amit Jain, chief strategist of global asset class at Ashika Group. The SP Group has initiated a review of its debt load and engaged Houlihan Lokey Inc. to help it optimize its capital structure. For A
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