Jubilant Life Sciences uses unsecured bonds to pay off IFC loan

Drug firm Jubilant Life Sciences Friday said its subsidiary has redeemed the outstanding loan of Washington-based International Finance Corporation (IFC) with a one-time settlement of USD 135 million (over Rs 900 crore). Jubilant Pharma Limited (JPL), a wholly-owned subsidiary of the company, has redeemed zero coupons 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. 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 USD 200 million raised by JPL, it added.

Jubilant Life Sciences shares Friday ended 1.47 per cent up at Rs 664.20 on the BSE.