Sterling Biotech’s existing Bond Holders at its meeting held on November 20, 2013, have approved for the conversion price of the Bonds, due 2018 to be at Rs. 60 per share, subject to Reserve Bank of India, Foreign Investment Promotion Board and such other regulatory approvals, if any, as may be required;
The Bond holders have also approved to suspend all litigations in India and UK till January 2014 and to withdraw the litigations in India and UK on completion of the exchange and substitution of the Existing Bonds with and for the Zero Coupon Convertible Bonds due 2018.
Sterling Biotech is largest producer of pharmaceutical and nutraceutical gelatin in India and Asia as well. It has a 9.3% global market share in pharmaceutical gelatin and is among the top five gelatin producers globally.
