India’s Goswami Infratech, a unit of Shapoorji Pallonji Group (SP Group), will complete a bond issue to refinance existing borrowings before the end of January, three bankers aware of the matter said on Thursday.

The real estate and civil engineering company is preparing to raise around ₹25,000 cr ($2.84 billion) through a two-year zero-coupon bond issue, the bankers, who could not be named because they are not authorised to speak to media, said.

The funds will be used to refinance its outstanding ₹8,815 crore in high-yield notes maturing in April 2026 and another loan, as well as for other debt-related and corporate purposes.

Goswami Infratech and Deutsche Bank did not respond to Reuters requests for comment.

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The new issue will be secured by the Shapoorji Pa

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