Sun Pharma raises Rs 7,816 crore, misses bond target
Sun Pharma successfully secured ₹7,816 crore in its latest fundraising round, yet it fell short of its ambitious ₹10,000-crore target. The company opted for five- and seven-year bonds, pricing them at 8.05% and 8.20% respectively. A significant ₹2,100 crore was raised through anchor investments to bolster this effort, although rising market yields have made investors cautious about committing…
Sun Pharma successfully raised ₹7,816 crore through five- and seven-year bond tranches, but fell short of its ₹10,000-crore target due to rising market yields. The company priced the bonds at a coupon of 8.05% for the five-year tranche and 8.20% for the seven-year tranche. Despite the market conditions, Sun Pharma managed to secure around ₹8,000 crore at the pre-fixed pricing, which is considered a good outcome.
The fundraising also received anchor investments from investors such as general and life insurance companies, mutual funds, and pension funds.
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