Sharon Bio-Medicine raises US$ 16.50 million 0% coupon FCCB

Sharon Bio-Medicine Ltd has informed that Zero percent Foreign Currency Convertible Bonds (FCCB) of USD 16.5 mn raised by the Company on November 27, 2007. The FCCB shall be convertible at the option of the holders at a Rs 315/- per share which is 38% premium over floor price of Rs 228.04/- computed as per SEBI Guidelines within 5 years and 7 days from the date of allotment of the bonds.

In this regard the Company has issued the following Press release:

Sharon Bio-Medicine Ltd announces the successful issuance of US$ 16,500,000 zero coupon unsecured Foreign Currency Convertible Bonds. The Bonds have a maturity of 5 years and 7 days and are convertible at a price of Rs 315 which represents a premium of 38.13% over the SEBI floor price fixed at Rs 228.04.

Silverdale Services Ltd, London, was the sole Lead Manager for the offering and Fortune financial Service(India) Ltd. Mumbai was the Indian advisor to the issue.

Listing of Sharon's Securities is at Singapore Exchange Securities Trading Ltd.("SGX-ST). Sharon Bio Medicine Ltd is one of the leading Pharmaceutical Companies in India engaged in the business of manufacturing and marketing of Active Pharmaceutical ingredients (APIs) and API intermediates for the cardiovascular, anti-fungal, anti-diabetic and anti-hypertension therapeutic etc. segments. Sharon is also one of the leading Contract Research and Manufacturing (CRAMS) pharmaceutical Companies and have put an US FDA standards plant for Formulation in Dehradoon, Uttarakhand. The Company has fully integrated manufacturing facilities for over 20 APIs and 35 chemical intermediaries and a wide spectrum of finished formulations.

Sharon has also bought Land and Building at two places in Taloja, near New Mumbai where Sharon is putting Anti Cancer and Active Pharmaceutical ingredients plants of US FDA standards.

The Company is the largest manufacturer of APIs for the cardiovascular segment (Trimetazidine) and has a market share of 70%. It enjoys a dominant market share of over 50% in 7 of its products.

Sharon Bio-Medicine exports its products to over 30 countries.

Ms. Savita Gowda, Managing Director of Sharon Bio-Medicine Ltd said: "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."