The proceeds would be mainly utilised for repayment of the existing debt and to reduce the overall cost of borrowing.
Shares of Jubilant Life Sciences rose 4 percent intraday Wednesday as company approved raising up to Rs 350 crore via non-convertible debentures.
The board of directors of the company at its meeting held today, decided to obtain approval of the shareholders of the company through postal ballot for issuance of redeemable non-convertible debentures (NCDs) on private placement basis upto an amount of Rs 350 crore.
The proposed issue has been rated AA Stable by CRISIL as compared to AA- Stable for earlier NCD issue of Rs 495 crore by India Ratings.
The proceeds would be mainly utilised for repayment of the existing debt and to reduce the overall cost of borrowing.
At 13:56 hrs Jubilant Life Sciences was quoting at Rs 721, up Rs 23.35, or 3.35 percent on the BSE.
Posted by Rakesh Patil