Jubiliant Life Sciences raises Rs100 crore by issue of commercial papers
The tenure of the instrument is 63 days, says Jubiliant Life Sciences in a BSE filing. The company, however, did not specify what it planned to do with the money raised
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New Delhi: Drug firm Jubilant Life Sciences said on Tuesday that it has raised Rs100 crore through issuing commercial papers. The company has issued commercial papers of Rs100 crore on Tuesday. The tenure of instrument is 63 days, the company said in a BSE filing. It, however, did not specify what it planned to do with the money raised. “The coupon/interest offered is 6.49% 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 0.39% higher at Rs830.05 per scrip at 2.46 pm on BSE on Tuesday.