CDMO Jubilant Pharmova to raise $150-M via bonds

Noida-based Jubilant Pharmova plans to raise INR 1,400 crore (USD 150 million) through a three-year rupee bond offering. The bond issuance is expected to conclude before the end of next month.Founded in 1978 by Shyam S. Bhartia and Hari S. Bhartia, Jubilant Pharmova is engaged in contract development and manufacturing, specialty pharmaceuticals, generics, drug discovery and proprietary novel drug businesses.The company intends to use the proceeds from this bond sale to fund capital expenditure and refinance project-related liabilities at its overseas subsidiaries, particularly its operating entities in North America.The company previously invested INR 1,450 crore in capital expenditure during the last financial year.