Business Daily from THE HINDU group of publications
Wednesday, Sep 13, 2006
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Business Daily from THE HINDU group of publications Wednesday, Sep 13, 2006 ePaper |
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Markets
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Corporate Bonds Our Bureau
Kolkata , Sept. 12
AstraZeneca Pharma India Ltd has planned to issue redeemable bonus debenture, a relatively uncommon instrument to reward its shareholders. The proposal is to issue one bonus debenture of Rs 25 each carrying a coupon rate of 8 per cent and redeemable within a period of 12 months. The board of directors at its meeting held on September 8, 2006, approved a scheme of arrangement between the company and its shareholders for issue of secured fully paid bonus debentures from the company's general reserve.
Approval
The proposed scheme, however, is subject to the approval of the shareholders and unsecured creditors and the Karnataka High Court. According to a senior company official, the proposal provides for a reward of Rs 27 for each shareholder holding a share of Rs 10 each within a year of the issue and allotment. The management has already submitted a copy of principal terms and conditions of issue of the redeemable and non-convertible bonus debentures before the Karnataka High Court. The promoters, Astra Pharmaceuticals AB of Sweden, holding 90 per cent stake in the company, would be the principal beneficiary of the scheme. The public holding is placed at 8.56 per cent.
More Stories on : Corporate Bonds | Bonus Announcements | Pharmaceuticals
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