Surya Pharmaceutical FCCBs issue priced at Rs.139.11

Surya Pharmaceutical Ltd had earlier announced that the Board of Directors of the Company at its meeting held on October 28, 2006, inter alia, has revised the convertibility of Foreign Currency Convertible Bonds issued by the Company, in terms of Reset Clause 7.2.4 of the Trust Deed Agreement, whereby effective October 28, 2006 onwards, the Company shall allot 313.1324 fully paid Equity shares for each FCCB of USD 1000.00. The Authorised Capital of the Company is sufficient to accommodate the marginal increase in Equity Shares to be issued upon conversion.

The Company than again announced that the number of shares to be allotted upon conversion was erroneously reported as "313.1324" instead on "315.9011".

Hence the correct number of shares to be allotted upon conversion is "315.9011".

The Company has now announced that the Board of Directors of the Company at its meeting held on October 28, 2006, has revised the convertibility of Foreign Currency Convertible Bonds issued by the Company, in terms of Reset Clause 7.2.4 of the Trust Deed Agreement whereby effective October 28, 2006 onwards, the conversion price of FCCBs shall be Rs 139.11. Accordingly, the Company shall allot 315.9011 fully paid Equity Shares for each FCCB of USD 1000.00. The Authorised Capital of the Company is sufficient to accommodate the marginal increase in Equity Shares to be issued upon conversion. However, it is to clarify that the shares shall be issued in whole numbers by rounding off at the time of conversion.

Source : Equity Bulls

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