Jubiliant Pharma a subsidiary of Jubiliant Life Sciences, the renowned drug firm on Monday breaked the ice by telling about its $300 million upraise through issuance of five-year bonds to mainly retire debts.

"Our material wholly-owned subsidiary, Jubiliant PharmaLtd (JPL), has successfully completed the pricing of its rated unsecured high yield bonds (Notes) at a yield of 4.875 per cent per annum issued at par for $300 million maturing in September 2021," Jubilant Life Sciences said in a Bombay stock exchange filing.

It further said: "The net proceeds of the Notes shall be used to prepay the existing debt of JPL and its subsidiaries, for upstreaming up to $50 million to Jubilant Life Sciences for prepayment of its existing debts and general corporate purposes."

Bombay stock exchange’s report on the shares of Jubiliant Life Sciences were trading at  1.89 per cent higher at Rs 601.