Sterling Biotech hits new high
Sterling Biotech has been on the rise since the past two days, hitting upper circuits. Today, it has hit a new 52-week high at Rs.9.67 and currently remains up around 6%.
The stock is up on the back of the news which the company announced on 20th Nov after market hours. The company stated that in the meeting of the Holders of the Existing Bonds have passed and approved, amongst others, the extraordinary resolution to approve exchange and substitution of the Existing Bonds with and for the Zero Coupon Convertible Bonds due 2018 and the terms and conditions thereof.
The Bond Holders have also agreed and approved (1) that the conversion price of the Bonds due 2018 shall be Rs. 60/share, subject to Reserve Bank of India, Foreign Investment Promotion Board and such other regulatory approvals, if any, as may be required; (2) to suspend all litigations in India and UK till January 2014 and (3) 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.