Panacea Biotec to issue equity shares on conversion of FCCBs

Panacea Biotec Ltd has announced that with reference to the terms of issue of Foreign Currency Convertible Bonds (FCCBs) for an amount of US$ 100 millions comprising of US$ 50 million 4.5% Foreign Currency Convertible Bonds (Tranche 1) and US$ 50 million Zero Coupon Foreign Currency Convertible Bonds (Tranche 2) due on 2011.

In accordance with the Offering Circular dated February 08, 2006. The Company has received conversion notice in respect of 231 bonds (Tranche 1) from the respective bond holders.

Accordingly, the Share transfer cum Investor's Grievances Committee of the Company at its meeting held on October 09, 2006 has allotted 3690312 Equity Shares of the Company to the respective Bond holders who have exercised their conversion option.

Source : Equity Bulls

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