Shares of Jubilant Pharmova rose 3% at the opening of trading on March 17, as the company’s subsidiary secured additional loans from the Canadian government for capacity expansion.

Jubilant Pharmova announced that its subsidiary, Jubilant HollisterStier, has received approval from the Government of Canada to provide a $23.8 million partially repayable loan through its Strategic Innovation Fund (SIF) programme to finance a $108 million capacity expansion at its Montreal manufacturing facility, stated in regulatory filings.

The loan is in addition to a previously announced C$25 million loan pledged by the province of Quebec for the same expansion project.

The expansion project aims to upgrade the company’s Montreal facility and increase its filling and finishing capacity by more than 100%.

“Jubilant HollisterStier is pleased to be selected as part of Canada’s strengthening ecosystem to meet better the country’s future vaccine and treatment needs for potential pandemics. This funding will allow us to continue our efforts to expand our capabilities in Canada and create more jobs,” said Pramod Yadav, CEO of Jubilant Pharma.

At 9:20 am, Jubilant Pharmova was quoted at Rs 281.35, up Rs 3.35, or 1.21% on the BSE.

The stock hit a 52-week high of Rs 495.55 and a 52-week low of Rs 274 on April 22, 2022, and March 16, 2023, respectively.