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The funds are being garnered to partly help refinance bridge loans the drugmaker took to buy US healthcare company Organon. The company is pricing the bonds with maturities in 2031, said the people cited above. One tranche of ₹7,000 crore carries a coupon of 8.20%, while a ₹3,000 crore tranche carries a coupon of 8.05% and includes a put option in 2028, allowing investors to seek early redemption in accordance with the terms of the issue, according to sources. The fundraising follows Sun Pharma's board approval last week to issue non-convertible debentures worth up to ₹15,000 crore. The company had disclosed the proposed borrowing programme but had not specified the final pricing and tranche-wise terms. Read more: WhatsApp stock tips: Nithin Kamath warns of more pump-and-dump schemes as ED freezes accounts worth Rs 200 crore The proceeds are intended to support acquisition-related financing. Sun Pharma agreed in April to acquire Organon in an all-cash transaction valued at an enterprise value of $11.75 billion, marking a major expansion of its global business and women's health portfolio. Organon, a global healthcare company spun off from Merck, reported revenue of $6.2 billion and adjusted operating profit of around $2 billion in calendar year 2025, translating into a healthy operating margin of around 31%, according to a latest Crisil report. Sun Pharma is expected to deploy $2.0-2.5 billion of its cash surplus and internal accruals towards the acquisition, with the balance funded through additional debt of $9.5-10.0 billion, the report said. Read more: Jio IPO vs Airtel shares: Which telecom giant offers greater valuation comfort to investors? Institutional investors, including insurance companies, pension funds and mutual funds, are likely to participate in the bond issue. The anchor investors are likely to be SBI Pension Fund, SBI Life Insurance, ICICI Prudential Life Insurance, Aditya Birla Sun Life Insurance, ICICI Prudential Mutual Fund, Edelweiss Mutual Fund and SBI Mutual Fund, among others. Crisil Ratings has assigned AAA/Stable rating to the proposed NCDs. SBI Capital Markets, Standard Chartered Bank and MUFG Securities India are arranging the bond sale. The two tranches have seen initial interest from a broad institutional investor base, including entities investing on behalf of pension subscribers and insurance policyholders. Such investors are significant participants in India's corporate bond market, particularly in longer-dated debt issued by highly rated companies. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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