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Jubilant Life Sciences has given approval to fundraising up to Rs.350 crore, via non-convertible debentures.
The board of directors at its meeting held today, decided to receive approval of the shareholders of the company via postal ballot, for issuance of redeemable non-convertible debentures (NCDs) on private placement basis, upto an amount of Rs.350 crore.
The proposed issue has been rated AA Stable by CRISIL. Further, the proceeds will be mainly utilized for repayment of the existing debt and to reduce the overall cost of borrowing.
