Jubilant Life Seeks Shareholders Nod To Raise Up To $200 Million

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New Delhi: Drug firm Jubilant Life Sciences is seeking stakeholders’ nod to raise up to $200 million (around Rs 1,330crore) to fund expansion including acquisition and additional working capital needs, among others.

The company is seeking shareholders nod through postal ballot as it “intends to issue Indian Securities and/or Foreign Securities for an aggregate amount not more than rupee equivalent of $200 million with or without a green shoe option of up to 15 per cent,” Jubilant Life Sciences said in a filing to BSE.

In a notice of postal ballot, the company said the purpose of raising the fund is to strengthen its balance sheet by deleveraging and also “to explore further growth initiatives such as expansion, acquisition, additional working capital needs and other general corporate purposes”.

The company said it proposed to create, issue, offer and allot Indian Securities and/or Foreign Securities “at such price or prices at a discount or premium to market price or prices in such manner and on such terms and conditions as may be deemed appropriate by the Board”.

Scrip of Jubilant Life Sciences today ended at Rs 398.30, down 2.11 per cent from the previous close.