Sterling Biotech Ltd to restructure existing bonds

Sterling Biotech Ltd announced with reference to the extra ordinary resolution passed by holders of Zero Coupon Convertible Bonds due 2012 ("Existing Bonds") to suspend all litigations in India and UK to enable a consensual restructuring of the Existing Bonds to be agreed and implemented, that in respect of the Existing Bonds, of which US$ 134,500,000 in principal amount remain outstanding, a meeting of the Bond Holders is scheduled to be held on November 20, 2013 for passing of extraordinary resolution to approve, amongst others, exchange and substitution of the Existing Bonds with and for the Zero Coupon Convertible Bonds due 2018 and the terms and conditions thereof.

Shares of Sterling Biotech Ltd was last trading in BSE at Rs.5.21, down by Rs.0.03 or 0.57%. The stock hit an intraday high of Rs.5.40 and low of Rs.5.15.

The total traded quantity was 0.17 lakhs as compared to 2 week average of 0.57 lakhs.

Source : Equity Bulls

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