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Sun Pharma misses debt fundraise goal as investors demand higher yields, bankers say
MUMBAI: India’s Sun Pharmaceutical Industries fell short of its targeted debt fundraise as investors continued to demand higher yields, three merchant bankers said on Thursday. The country’s largest drugmaker by market capitalization raised only 78.16 billion rupees ($823.65 million) through the sale of two sets of over five-year bonds, comfortably lower than target of 100 billion rupees, the bankers added. The bankers requested anonymity as they are not authorized to speak to the media. Sun Pharma did not immediately respond to a Reuters email seeking comment. The shortfall appears to be more...
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