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Indian conglomerate Shapoorji Pallonji Group (SP Group) is planning to meet Asian credit investors next week to gather interest for a potential INR 220bn ($2.5bn) rupee bond issuance in early 2026 to refinance notes issued by a group entity, 9fin sources said.

Deutsche Bank is arranging the meetings in Singapore and Hong Kong for SP Group, the sources said. SP Group has already reached out to its existing investors based in India, according to one of the sources.

Should the issuance succeed, it would be India’s second-largest single tranche high-yield INR bond, following SP Group’s record-breaking issuance of more than $3bn earlier this year.

The potential bond issue would refinance debt issued in June 2023 by SP Group entity Goswami Infratech. It sold INR 143bn senior secured non-convertible debentures (NCDs), as INR bonds are called. Those notes mature on 30 April 2026.