India's Sun Pharmaceutical convertibles holders to vote on amendments at Jan. 22 meeting

By Jennifer Chiou

New York, Jan. 8 - Sun Pharmaceutical Industries Ltd. said it will have a meeting for holders of its $350 million of zero-coupon convertible bonds due 2009 on Jan. 22 to effect proposed amendments to the note indenture.

The Mumbai, India, pharmaceutical company said that principal proposed changes include that holders will receive, in addition to one share of Sun Pharmaceutical stock, one share of Sun Pharma Advanced Research Co. Ltd. Holders will initially be entitled to 61 Sparc shares per bond. Sun is in the process of spinning off Sun Pharma Advanced Research.

Other changes include an early redemption provision, allowing the company to redeem the bonds when the combined closing prices of both the its shares and Sun Pharma Advanced Research shares exceed 125% of the conversion price for 20 of 30 consecutive trading days.

The company originally held a meeting on Jan. 2 that was adjourned due to a lack of quorum.

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