Jubilant Life shares up over 4% as subsidiary raises funds

Shares of Jubilant Life Sciences today rose by over 4 per cent after the company said its subsidiary Jubilant Pharma has raised USD 300 million (approx Rs 1,998 crore) through issuance of five-year bonds.
The stock gained 4.20 per cent to end at Rs 614.65 on BSE. Intra-day, it surged 5 per cent to Rs 619.70.
At NSE, shares of the company jumped 4 per cent to settle at Rs 614.30.
On the volume front, 1.42 lakh shares of the company were traded on BSE and more than 10 lakh shares changed hands at NSE during the day.
"Our material wholly-owned subsidiary, Jubilant Pharma (JPL), has successfully completed the pricing of its rated unsecured high yield bonds (Notes) at a yield of 4.87 per cent per annum issued at par for USD 300 million maturing in September 2021," Jubilant Life Sciences said in a BSE filing.

It further said: "The net proceeds of the Notes shall be used to prepay the existing debt of JPL and its subsidiaries, for upstreaming up to USD 50 million to Jubilant Life Sciences for prepayment of its existing debts and general corporate purposes.