Jubilant Life raises Rs 100 cr by issue of commercial papers

New Delhi : Drug firm Jubilant Life Sciences said it has raised Rs 100 crore through issuing commercial papers.

The company has issued commercial papers of Rs 100 crore on April 18, 2017. The tenure of instrument is 63 days, Jubilant Life Sciences said in a BSE filing.

The company however did not specify what it planned to do with the money raised.

"The coupon/interest offered is 6.49 per cent per annum," it added.

Commercial paper (CP) is an unsecured money market instrument issued in the form of a promissory note.

It was introduced in 1990 in India with a view to enable highly rated corporate borrowers to diversify their sources of short term borrowings and to provide an additional instrument to investors.

Shares of Jubilant Life Sciences were trading 0.40 per cent higher at Rs 830.10 per scrip on BSE.