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| Exchange Disseminated Time | Panacea Biotec Ltd has informed BSE regarding a Press Release dated February 15, 2011 titled "Panacea Biotec redeems Foreign Currency Convertible Bonds (FCCBs)"
Press Release:
"Panacea Biotech, the 3rd largest biotech Company of India, today announced that on February 14, 2011, it has redeemed the entire outstanding Zero Coupon Convertible Bonds (Tranche 2) along with the accumulated redemption premium. Thus the Tranche 2 Bonds have been fully extinguished with no further Convertible Bonds outstanding as on date.
The Company informed that the total amount paid US$ 52.55 million (comprising of the nominal value of US$ 36.80 million and redemption premium of US$ 15.75 million) has been entirely funded out of the internal accruals of the Company.
Dr. Rajesh Jain, Joint Managing Director, said, "Panacea Biotec has always met its financial commitments. The Company's internal accrual generation capabilities are strong enough to meet its debt servicing obligations". |
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