Indian drug maker Jubilant Organosys has raised $85 million through a share sale to institutions, three sources with direct knowledge of the matter said on Friday.
The company sold shares to institutions at 344.5 rupees apiece in the qualified institutional placement (QIP) and the order books have been closed, said the sources, who did not wish to be named as they were not authorised to speak to the media.
"We just closed the books, and we raised $85 million," said a source.
The sale price represents a discount of 1.9 percent to the stock's close on Thursday. Shares of the company were trading down 1.51 percent at 346.00 rupees in late afternoon trade on Friday.
The issue, initially planned to raise $65 million, was launched late on Thursday and increased to $85 million, the sources said.
Earlier on Friday, Jubilant said its board had decided to open a QIP of equity shares to raise up to 5 billion rupees ($110 million).
Royal Bank of Scotland, Nomura, Credit Suisse, Kotak Securities and Emkay Global Financial Services were the arrangers to the issue.