India's Shapoorji Pallonji Group is seeking to delay repayment of 143 billion rupees ($1.5 billion) in zero-coupon notes from April 30 to June 30, according to people familiar with the matter. The conglomerate, controlled by billionaire Shapoor Mistry, has asked investors in its Goswami Infratech unit for the extension as it pursues a complex refinancing strategy through a planned dollar bond sale.

This request comes as the infrastructure-focused conglomerate faces mounting pressure to secure funding amid volatile markets. The company has been meeting investors in Hong Kong and Singapore while planning virtual calls with US-based investors for a potential $1 billion debut dollar bond offering. The final size of this offshore issuance will depend on investor demand.

The borrowing is partly backed by Shapoorji Pallonji's 18.4% stake in Tata Sons, which has been affected by declining collateral values and a slump in shares of Tata Consultancy Services. The group has also secured approval from major lenders to ease key debt conditions after falling collateral values pushed it closer to borrowing limits. This refinancing effort follows the company's $3.4 billion financing last year, which was India's largest private credit deal.