Sun Pharma raises ₹7,816cr in bonds short of ₹10,000cr target
Business
Sun Pharma just raised ₹7,816 crore by selling five- and seven-year bonds, though that's a bit less than its ₹10,000 crore goal.
The bonds came with interest rates of 8.05% and 8.20%.
Even so, they pulled in strong backing from investors including general and life insurance companies, mutual funds, and pension funds, who chipped in ₹2,100 crore.
Crisil rates Sun Pharma NCDs AAA/Stable
With government bond yields crossing 7.4%, investors wanted higher returns, which made it harder for Sun Pharma to hit its full target.
Still, the deal was managed smoothly by SBI Capital Markets and others, and Crisil Ratings has assigned AAA/Stable rating to the proposed NCDs, showing confidence in the company even as markets get trickier.