We refer to the Corporate Announcement dated May 15, 2026, (Annexure A) setting out fixed conversion rate of Rs.95.93 per US Dollar for FCCB issue. RBI rate as on date of signing subscription ....
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Sudarshan Pharma has revised the conversion rate for its Foreign Currency Convertible Bonds (FCCBs) to Rs. 96.8441 per USD (from the earlier Rs. 95.93). The company is issuing FCCBs worth up to USD 20 million (approximately Rs. 193.69 crore). Upon conversion, this would result in issuance of about 6.41 crore equity shares of Rs. 1 each, representing significant potential dilution. The bonds carry a coupon rate of 8% per annum with a tenure of 3 years and 2 months from the date the FCCBs are fully paid-up. Allotment will be within 60 days from the Issue Closing Date.
The FCCB issuance signals potential equity dilution for existing shareholders. The 8% coupon makes this an expensive form of financing compared to regular debt, while the fixed conversion rate exposes bondholders to currency risk. Shareholders should monitor conversion activity as it may impact their ownership percentage.