Jubilant Organosys Ltd. has bought back and cancelled via a Tender Offer, Foreign Currency Convertible Bonds (FCCBs), to the tune of US $ 48.3 million. Together with earlier buy back of US $ 11.1 million in 1st week of February 2009, the Company has, in all, bought back and cancelled FCCBs of the face value of US $ 59.4 million (at an accretive value of US $ 72.3 million) by paying US $ 47.6 million. The total cumulative gain on purchase of FCCBs till date including YTM is US $ 24.7 million.
After buy back of US $ 59.4 million and conversion of US $ 57.0 million totaling US $ 116.4 million, the Company’s outstanding FCCBs as on date stand at US $ 193.6 million –which represent 62.4 % of the original issue value of US $ 310 million.
The Company has used its foreign exchange earnings (EEFC) and External Commercial
Borrowing (ECB) resources to fund the buy back of FCCBs. The current paid up capital is 147.5 million shares of Re 1 each. The fully diluted capital of the Company after taking into account outstanding FCCBs, would stand at 171.2 million shares of Re 1 each.
Commenting on the development, Chairman & Managing Director, Shyam S. Bhartia and Co-Chairman & Managing Director, Hari S. Bhartia said “It is a part of our serious efforts to strengthen our Balance Sheet by reducing outstanding liabilities of FCCBs. The Company would continue to explore further opportunities for buy back of FCCBs based on economics and applicable regulations.”
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About Jubilant
Jubilant Organosys Ltd. is an integrated pharmaceutical industry player, one of the largest custom research and manufacturing services (CRAMS) and drug discovery and development services companies out of India. The company has a presence across the pharmaceutical value chain for products and services such as proprietary products, exclusive synthesis, active pharmaceutical ingredients, contract manufacturing of sterile injectables (liquids and lyophilized) products, non-steriles (ointments, creams and liquid) and radiopharmaceuticals, drug discovery services, medicinal chemistry services, clinical research services ,generic dosage forms and Health Care. Jubilant Organosys has geographically diversified manufacturing facilities at ten locations worldwide. Together, these help Jubilant cater to 150 customers across more than 50 countries around the world.
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