Debt

Debt financing

Jubilant’ Bhartia's Rs.5,650-Cr NCD issue oversubscribed 1.9 X

Economic Times  

The Jubilant Bhartia Group has received 1.9 times bids for its non-convertible debentures (NCDs) issue to raise INR 5,650 crore to part-fund its acquisition of a 40% stake in Hindustan Coca-Cola Holdings. The bond offering, made via two group entities, saw bids totalling INR 10,610.84 crore led by HDFC AMC and others.Jubilant Beverages Ltd, which targeted INR 2,650 crore, received bids worth INR 5,840 crore against a non-anchor book allocation of INR 1,855 crore. The offer also included a INR 795 crore tranche allocated for anchor investors.Jubilant Bevco, which launched a INR 3,000 crore issue, attracted INR 4,770.84 crore in bids. This included INR 900 crore from anchor subscriptions and INR 2,100 crore from the wider market.HDFC Mutual Fund took nearly 37% of the two fully convertible, rupee-denominated, listed, rated and redeemable NCDs. Other investors included Nippon India Mutual Fund, Franklin Templeton, Aditya Birla Sun Life Mutual Fund, Axis Mutual Fund, Kotak Mutual Fund, Nomura Fixed Income Securities, ICICI Prudential MF and Bajaj Finance.Morgan Stanley was the lead arranger of the issue. Standard Chartered was the co-arranger for the Jubilant Beverage paper.