Sharon Bio-Medicine extends $16.5 million convertibles by five years

By Angela McDaniels

Tacoma, Wash., Nov. 26 - Sharon Bio-Medicine Ltd.'s board of directors approved the restructuring of the company's $16.5 million of outstanding foreign-currency convertible bonds, according to a company filing with the Bombay Stock Exchange.

The convertibles have been extended by five years.

The company will issue $8,046,000 of new bonds in lieu of accrued interest.

The conversion price of the new bonds will not be below the Rs. 288.49 floor price.

The board approved the restructuring on Tuesday.

Sharon Bio-Medicine is a Mumbai-based pharmaceutical company.

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