Pharmaceutical firm Sharon Bio-Medicine on Thursday said it has raised 16.5 million dollars through the issue of Foreign Currency Convertible Bonds (FCCBs) in the international markets.
“This issuance affirms the confidence of global investors in the strength of our integrated based business model. They have appreciated the intrinsic cost advantages and superlative growth trajectory of our company,” Sharon Bio-Medicine Managing Director Savita Gowda said.
The bonds have a maturity of five years and seven days and are convertible at Rs 315. The FCCBs would be listed on Singapore Exchange Securities Trading, the company said in a communique to the Bombay Stock Exchange.
The conversion price represents premium of 38.13 per cent over the Sebi floor price of Rs 228.04, the company added.
Sharon Bio-Medicine manufactures and markets Active Pharmaceutical ingredients (APIs) for cardiovascular, anti-fungal, anti-diabetic and anti-hypertension therapeutic segments.
The company is also one of the leading Contract Research and Manufacturing (CRAMS) company and has put an USFDA standards plant for formulation in Dehradoon, Uttarakhand. It has fully integrated manufacturing facilities for over 20 APIs and 35 chemical intermediaries.
Sharon Bio-Medicine exports its products to over 30 countries and enjoys a 50 per cent market share in seven of its products.
Silverdale Services Ltd, London, was the lead manager for the offering and Fortune Financial Service(India) was the Indian advisor to the issue.
Shares of the company were trading at Rs 254, down 1.03 per cent on the BSE in afternoon trade.