Sharon Bio-Medicine resets FCCB conversion price to Rs 228.04

Sharon Bio-Medicine Ltd has announced that Foreign Currency Convertible Bonds (FCCBs) of US$ 16.5 mn issued in the month of November 2007, Price Reset date in regards to the above 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 Company's price reset date is May 26, 2009 being 6 months from earlier Price Reset date of issue i.e. November 27, 2008.

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

Therefore, as per the terms and conditions mentioned in the offering circular of the above bonds, the Company's Reset Conversion price on May 26, 2009 is INR 228.04 per share for the above mentioned Foreign Currency Convertible Bonds.

The stock closed the day at Rs.75.60, down by Rs.1.95 or 2.51%. The stock hit an intraday high of Rs.80.40 and low of Rs.75.60.

The total traded quantity was 1486 compared to 2 week average of 10989.

Source : Equity Bulls

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