Sharon Bio-Med soars as bondholders agree on FCCB extension

Sharon Bio-Medicine has soared 16% to Rs 428, extending its Monday’s around 5% gain, after the company announced that holders of the foreign currency convertible bonds (FCCBs) approved the company's proposal for an extension of maturity date till February 28, 2013.

 “The FCCBs trustee has received a “Written Resolution” from the bondholders holding in aggregating $15.6 million accounts 95% in principle amount of bonds from the total $16.5 million that the bondholders have agreed to extend the date for negotiation for conversion/redemption or rollover of the FCCB which were due on December 4, 2012 to February 28, 2013,” Sharon Bio-Medicine said in a statement.

The stock opened at Rs 372 and hit a high of Rs 440 on the NSE. As many as a combined 40,129 shares have already changed hands on the counter till late noon deals against an average around 20,000 shares that were traded daily in past two weeks.