Sun Pharma Advanced allots 842,430 Equity Shares against conversion of FCCBs

Sun Pharma Advanced Research Company Ltd has announced that pursuant to clause 10.2 of the Scheme of Arrangement for Demerger sanctioned by the Honourable High Court of Gujarat vide its order dated March 01, 2007 issued on March 28, 2007 and as per the Supplementary Trust Deed dated May 18, 2007, entered into by the Company with Sun Pharmaceutical Industries Ltd and Citicorp Trustee Co. Ltd, the Foreign Currency Convertible Bond holders of Sun Pharmaceutical Industries Ltd (SPIL), are entitled to One Equity Share of Re 1/- each of the Company for every Equity Share of Rs 5/- each of SPIL allotted to them on exercise of conversion option of Foreign Currency Convertible Bonds (FCCBs) of US$1000 each held by them.

Accordingly, the Committee of Directors (Allotment) of the Company at its meeting held July 21, 2007 has allotted 842,430 Equity Shares of Re 1/- each to the bondholders of SPIL upon exercise of option of conversion for 13,650 Zero Coupon Foreign Currency Convertible Bonds of (US $ 1000 each (FCCB) of SPIL held by them.

Consequently, The paid up Equity Share Capital of the Company has increased from 19,70,95,539 Equity Shares of Re 1/- each to 19,79,37,969 Equity Shares of Re 1/- each, as of date.

Source : Equity Bulls

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