Panacea Biotec Issues Equity shares upon conversion of FCCBs to Merrill Lynch

Panacea Biotec Ltd has announced that the Company has received a Conversion Notice with respect to 80 Zero Coupon Foreign Currency Convertible Bonds (Tranche 2) due on 2011 amounting to US$ 8 Million, from one of the Bondholders namely, Merrill Lynch Capital Markets Espana SA.SV.

Accordingly, the Company has allotted 9,87,554 Equity Shares of Re 1/- each to the above FCCB holder in the meeting of its Share Transfer-cum-investors Grievance Committee of the Board of Directors held on October 31, 2007.

Source : Equity Bulls

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