Jubilant Life Sciences Limited

Jubilant Life Sciences is seeking stakeholders’ nod to raise up to $200 million (around ₹1,330 crore) to fund expansion, including acquisitions, and additional working capital needs, among others. The company is seeking shareholders’ nod through postal ballot as it “intends to issue Indian securities and/or foreign securities for an aggregate amount not more than the rupee equivalent of $200 million with or without a green shoe option of up to 15 per cent,” Jubilant Life Sciences said in a filing to the BSE. In a notice of postal ballot, the company said the purpose of raising the fund is to strengthen its balance sheet by deleveraging and also “to explore further growth initiatives such as expansion, acquisition, additional working capital needs and other general corporate purposes”. Shares of Jubilant Life Sciences slipped 2.3 per cent at ₹398.85 on the NSE.