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Jubilant Life Sciences settles IFC loan with over Rs 937 crore payout


Jubilant Life Sciences settles IFC loan with over Rs 937 crore payout

Jubilant Pharma Ltd (JPL), a wholly-owned subsidiary of Jubilant Life Sciences, has redeemed a zero-coupon convertible loan with IFC based on mutual agreement. The payment has been made from the recent rated unsecured bonds of $200 million raised by JPL.

New Delhi: Drug firm Jubilant Life Sciences on Friday said its subsidiary has redeemed the outstanding loan of Washington-based International Finance Corporation (IFC) with a one-time settlement of $135 million (over Rs 900 crore).

Jubilant Pharma Ltd (JPL), a wholly-owned subsidiary of the company, has redeemed a zero-coupon convertible loan with IFC based on mutual agreement, Jubilant Life Sciences said in a regulatory filing.

“Accordingly, the obligation to provide an exit to IFC by equity conversion of the convertible loan has been cancelled,” it added.

Also Read: USFDA recommends regulatory action after Jubilant Life Roorkee plant inspection

With the above payment of the convertible loan, all loans outstanding to IFC have been fully paid, the company said.

The payment has been made from the recent rated unsecured bonds of $200 million raised by JPL, it added.

Also Read: Jubilant Life joins hand with Inipharm Inc for over Rs 199 crore

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Source: PTI
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