Sun Pharma Advanced Research allots 1,247,972 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 on August 11, 2007 has allotted 1,247,972 Equity Shares of Re 1/- each to the bondholders of SPIL upon exercise of option of conversion for 20,221 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 19,79,37,969 Equity Shares of Re 1/- each to 19,91,85,941 Equity Shares of Re 1/- each, as of date.

The stock closed the day at Rs.79.35, down by Rs.0.60 or 0.75%. The stock hit an intraday high of Rs.82.75 and low of Rs.79.05. The total traded quantity was 384525 compared to 2 week average of 494209.

Source : Equity Bulls

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