, the construction arm of conglomerate Shapoorji Pallonji Group, is in talks with bankers to raise around $300 million to refinance existing debt, three sources familiar with the matter told Reuters on Thursday. The company may look to raise the funds in Indian rupees, and the loan would be backed by shares of Afcons Infrastructure , along with some other real estate assets, the sources added.

Two of the sources further added that the debt to refinanced is owed to HDFC Bank, while it will look to avail the loan at around 15%, but the details are yet to be finalised.

The company did not immediately reply to a Reuters email seeking comment.

According to ICRA, the company had taken a term loan of around 22.50 billion rupees ($263.14 million) from HDFC Bank in March 2022.