Sharon Bio-Medicine resets FCCB covnersion price to Rs 252

Sharon Bio-Medicine Ltd has announced that Foreign Currency Convertible Bonds (FCCBs) of US$ 16.5 mn issued in the month of November 2007. The initial conversion price for the above bonds was Rs 315/- per share. As per the offering circular, Price Reset date in regards to the above Bonds being date 12 months from the date of issue and the date following each period of six months thereafter up to maturity date.

Therefore, the price reset date was November 27, 2008 being 12 months from date of issue i.e. November 27, 2007.

The Minimum conversion price for the above mentioned bonds is Rs 228.04 per share.

Therefore, as per the terms and conditions mentioned in the offering circular of the above bonds, the Reset Conversion price on November 27, 2008 works out to Rs 252/- per share for the above mentioned Foreign Currency Convertible Bonds.

Source : Equity Bulls

Keywords