Jubilant Life Sciences raises Rs 1995 crore via bond issue; shares up 2%
The shares of Jubilant Life Sciences surged over 2% after the company announced the issuance of bonds.
At 0941 hours, the shares of the company were trading at Rs 603.50, up 2.3%, or Rs 13.65 on BSE.
The company on Friday informed the exchanges that Jubilant Pharma Limited, wholly-owned subsidiary has issue rated unsecured high yield bonds, outside India.
In the regulatory filing, the company said that JPL has successfully completed the pricing of its rated unsecured Notes at a yield of 4.8% per annum issued at par for $300 million (Rs 1995.8) maturing in September 21.
The issuer has been rated BB- by rating agencies, Standard & Poor's Rating Services and Fitch and the issue (the Notes) has been rated BB- by S&P and BB by Fitch.
With the amount, the company aims to prepay the existing debts of JPL and its subsidiaries and for upstreaming up to $50 million to Jubilant Life Sciences for prepayment of its existing debt. Also, the company plans to use the amount for general corporate purposes.