Sterling Biotech - Issue Of US$250 Million FCCBs

Sterling Biotech Ltd has informed that the Company has issued Zero Percentage Foreign Currency Convertible Bonds (FCCBs) due 2012 aggregating to USD250 million.The Bonds carry a 0% coupon with a yield to maturity of 6.35% per annum and are redeemable in 2012 i.e. after 5 years and 1 day from closing date.The Bonds are convertible into equity shares of the Company at any time after June 18, 2007 at a conversion price of Rs 204.576 per share which represents a premium of 25% to the Volume Weighted Average price. The Bonds are expected to be listed on the Singapore Stock Exchange. The Bonds are convertible into the Ordinary Shares or GDRs of the Company.J P Morgan Securities Ltd is the Lead Manager and Sole Book runner for the issue of the Bonds.