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Sharon Bio-Medicine holders OK maturity extension for convertibles
By Jennifer Chiou
New York, March 6 - Sharon Bio-Medicine Ltd. informed the Bombay Stock Exchange that it has obtained approval to extend the maturity date by five years for $16.5 million of its foreign-currency convertible bonds.
The convertibles, which were to have matured on Dec. 4, had been extended to Feb. 28.
Since then, bondholders have approved the restructuring proposal, which involves the extension and issue of additional bonds in lieu of accrued interest.
Sharon Bio-Medicine is a Mumbai, India-based pharmaceutical company.
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