Sharon Bio-Medicine raises US$ 16.5 Million

Sharon Bio-Medicine Ltd has announced that pursuant to the authority given by the shareholders in the Extra Ordinary General Meeting held on March 15, 2007, the Board of Directors in its meting held on November 27, 2007 has issued and allotted Zero percent Foreign currency Convertible Bonds (FCCB) of USD 16.5 million.

The following are the investors who have been allotted the bonds. Old Lane (UK) LLP has been alloted 50 Bonds worth US$ 5,000,000.

DKR Sound shore Oasis Holding Fund Ltd has been alloted 115 Bonds worth US$ 11,500,000.

The above FCCB shall be convertible within 5 years and 7 days from the date of allotment of the bonds at the option of the holders at Rs 315/- per share which is at 38.13% premium over the floor price of Rs 228.04/- computed as per SEBI Guidelines.

Silverdale Services Ltd., London was the sole lead manager of the offering and Fortune Financial Services (India) Ltd was the Indian advisor to the issue.

Source : Equity Bulls

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