Wanbury Limited ("Wanbury"), a pharmaceutical company with a presence in the global API market and domestic branded formulations, announces a major milestone in its financial strategy with the successful refinancing of a portion of its outstanding Non-Convertible Debentures ("NCDs").
Wanbury repurchased the entire issue of 21% Secured Non-Convertible Debentures placed initially in July 2023 on private placement basis amounting to Rs.95 crores from NEO AIF and associates. The Wanbury facilitates this transaction through refinancing of debt of Rs. 175 crore of Tranche I from Emerging India Credit Opportunities Fund II (an associate of Investec Capital Services (India) Pvt. Ltd.) at a substantial reduce interest rate of 12.5 % p.a. upto Rs.150 Crore of existing outstanding Debt (i.e. NEO AIF & Associates amounting to Rs.90 crores and other Lenders amounting to Rs.60 Crores) and balance towards working capital & capex for the growth of the Company. The Repayment of the said facility is in 5 years with average life up to 3.25 years having a moratorium period of 9 months.
Mr. Mohan Rayana, Whole-time Director of Wanbury Ltd., said, "We're pleased to announce the successful refinancing, underscoring our commitment to financial stability and growth. This strategic move reflects our dedication to optimizing shareholder returns and strengthening our financial foundation. We're glad to announce the successful refinancing with Emerging India Credit Opportunities Fund II (an associate of Investec Capital Services (India) Pvt. Ltd.), resulting in significant savings in Interest cost. This reduction in interest costs is a testament to our consistent performance and overall stability in revenue generation. This transaction serves to strengthen the Company's strategic approach. Last but not least, I would like to extend my gratitude to our investors and team for their unwavering support and dedication throughout this process."
Shares of Wanbury Limited was last trading in BSE at Rs. 196.60 as compared to the previous close of Rs. 189.00. The total number of shares traded during the day was 9621 in over 607 trades.
The stock hit an intraday high of Rs. 199.30 and intraday low of 191.75. The net turnover during the day was Rs. 1875125.00. |
