We refer to your email dated 16/05/2026 seeking additional details for the Outcome of Board Meeting made by the Company 15/05/2026 pertaining to approval of upto US $20,000,000 of 8% Senior ....
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Sudarshan Pharma Industries has received board approval to issue Foreign Currency Convertible Bonds (FCCBs) worth up to USD 20 million (approximately Rs. 191.86 Crores) in one or more tranches. The bonds carry an 8% annual coupon and mature in 3 years and 2 months. Each FCCB can be converted into approximately 6.36 crore equity shares of Rs. 1 each at a floor/conversion price of Rs. 30.19. The conversion rate used is USD 1 = Rs. 95.93. The issue opening date is May 18, 2026. This is a follow-up disclosure to address BSE's query about the board meeting timing, which was held on May 15, 2026 from 9:00 AM to 9:30 AM.
Existing shareholders face potential equity dilution of approximately 6.36 crore shares when bondholders convert. The 8% coupon rate represents a fixed cost for the company, and successful FCCB issuance could provide foreign currency funding for the company's growth plans.