Sharon Bio-Medicine issues $16.5 million in zero-coupon convertibles

By Devika Patel

Knoxville, Tenn., Nov. 27 - Sharon Bio-Medicine Ltd. informed the Bombay Stock Exchange that it has issued $16.5 million in zero-coupon convertible bonds.

The bonds are convertible within five years and seven days, at the holders' option, at Rs. 315 per share.

The company sold the bonds at $100,000 apiece.

Old Lane (UK) LLP bought 50 bonds, and DKR Sound shore Oasis Holding Fund Ltd. bought 115 bonds.

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

The Mumbai, India, pharmaceutical company approved the issue in March.

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