Jubilant Pharmova to raise Rs 800 crore through first bond issue
The pharmaceutical company intends to use the fresh debt for capital expenditure and future expansion plans, according to the Economic Times.
Jubilant Pharmova is planning to raise Rs 800 crore in new debt through its first-ever bond issue in the local market, according to the Economic Times.
The pharmaceutical arm of the Jubilant Bhartia Group intends to use the funds for capital expenditure and expansion. The total amount includes a base issue of Rs 400 crore and an equal greenshoe option.
The securities will have a three-year tenure with indicative pricing of approximately 8.50 per cent, a person familiar with the matter said.
Mutual funds and asset managers are expected to be the primary subscribers to the bonds as they likely fall within their maturity range.
The book-building process and final bidding for the bonds are expected to occur later this week.