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| Jubilant Organosys to restructure its debt |
| Press Trust of India / New Delhi Jul 14, 2009, 19:28 IST |
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Pharmaceutical firm Jubilant Organosys is looking to restructure its debt in a manner that it would be able to redeem foreign currency convertible bonds (FCCBs) through internal accruals.
"We are continuously retiring the debt in such a manner that there is no repayment coming now, so that the FCCB obligations can be met out of the internal accruals," Jubilant Organosys Executive Director Finance and CFO R Sankariah said in a conference call.
The debt which has to be paid in the next 2-3 years' time, is now to be paid within a five year period, Sankariah said.
"We are extending the tenure of the debt at a lower cost so that our cost of debt comes down...," he added.
The company has outstanding FCCBs of $192 million, out of which the company redeemed $50 million on May 2009 while the remaining $142 million has to be redeemed in 2011.
The company today reported a consolidated net profit of Rs 125. 82 crore for the quarter ended June 31, 2009 registering a 10-fold jump over the corresponding quarter due to mark-to-market gains over the same period last year.
It had a net profit of Rs 12.76 crore in the same period ended June 2008, Jubilant said in a statement.
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