Jubilant Life gains after board OKs issuing NCDs

Jubilant Life Sciences rose 2.75% to Rs 716.85 at 14:44 IST on BSE after the company said its board approved raising upto Rs 350 crore by issuing redeemable non-convertible debentures on private placement basis.

The announcement was made during trading hours today, 27 June 2018.

Meanwhile, the S&P BSE Sensex was down 237.55 points, or 0.67% to 35,252.49.

On the BSE, 35,000 shares were traded in the counter so far compared with average daily volumes of 23,000 shares in the past two weeks. The stock had hit a high of Rs 725 and a low of Rs 693 so far during the day. The stock hit a 52-week high of Rs 1,039 on 8 February 2018. The stock hit a 52-week low of Rs 600 on 25 October 2017.

Jubilant Life Sciences announced that the board of directors of the company has, at its meeting held today, 27 June 2018, 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.

On a consolidated basis, net profit of Jubilant Life Sciences rose 2.26% to Rs 152.40 crore on 42.02% rise in net sales to Rs 2223.77 crore in Q4 March 2018 over Q4 March 2017.

Jubilant Life Sciences is an integrated global pharmaceutical and life sciences company engaged in manufacturing and supply of APIs, solid dosage formulations, radiopharmaceuticals, allergy therapy products, advance intermediates, fine ingredients, crop science ingredients, life science chemicals and nutritional products.

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