Download - Glenmark

Schedules annexed to and forming part of the Financial Statements
(All amounts in millions of Indian Rupees, unless otherwise stated)
d) Movement of investment in shares during the year
As at
1 April 2010
No. of Shares (In millions)
Invested
during the Sale during
Year the Year
Balance as at
31 March 2011
Investments in subsidiary companies -
unquoted
Glenmark Impex L.L.C., Russia 455.70 122.07 - 577.77
Glenmark Pharmaceuticals (Nigeria) Ltd., Nigeria 267.53 97.47 - 365.00
Glenmark Pharmaceuticals Malaysia Sdn.
Bhd., Malaysia 1.20 0.91 - 2.11
Glenmark Generics Ltd., India 143.21 1.14 - 144.35
Glenmark Pharmaceuticals (Australia) Pty.
Ltd., Australia 1.98 0.01 - 1.99
Glenmark Pharmaceuticals Egypt S.A.E., Egypt 4.98 3.48 - 8.46
15. FOREIGN CURRENCY CONVERTIBLE BOND ISSUED
A) The Company had issued 30,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000 each,
` 1,331.70 at issue (value including foreign exchange translation as at 31 March 2010 is ` 1,354.20) on the
following terms:
(i) Convertible at the option of the bondholder at any time on or after 11 November 2007 but prior to the close
of business on 29 November 2010 at a fixed exchange rate of ` 44.94 per 1 USD and the conversion price
of ` 582.60 per share of ` 1 each.
(ii) Redeemable in whole but not in part at the option of the Company on or after 10 January 2010 if closing
price of the share for each of the 25 consecutive trading days immediately prior to the date upon which
notice of such redemption is given was at least 130% of the applicable Early Redemption Amount divided
by the Conversion Ratio.
(iii) Redeemable on maturity date on 11 January 2011 at 139.729% of its principal amount if not redeemed
or converted earlier. The redemption premium of 39.729% payable on maturity of the bond if there is no
conversion of the bond to be debited to Securities Premium Account evenly over the period of 5 years from
the date of issue of bonds.
During the year, 30,000 FCC Bonds of USD 1,000 each aggregating to USD 30 Million were redeemed on
11 January 2011 on maturity. As of 31 March 2011, Nil FCC Bonds (2010 - 30,000) of USD 1,000 are outstanding.
B) The Company had issued 20,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000 each
(` 873.20 at issue) on the following terms:
(i) Convertible at the option of the bondholder at any time on or after 28 March 2005 but prior to the close of
business on 2 January 2010 at a fixed exchange rate of ` 43.66 per 1 USD and price of ` 215.60 (Post
adjustment for bonus and split) per share of ` 1 each.
(ii) Redeemable in whole but not in part at the option of the Company on or after 15 February 2008 if closing
price of the share for each of the 25 consecutive trading days immediately prior to the date upon which
notice of such redemption is given was at least 130% of the applicable Early Redemption Amount divided
by the Conversion Ratio.
(iii) Redeemable on maturity date on 16 February 2010 at 133.74% of its principal amount if not redeemed
or converted earlier. The redemption premium of 33.74% payable on maturity of the Bond if there is no
conversion of the Bond to be debited to Securities Premium Account evenly over the period of 5 years from
the date of issue of Bonds.
During the year ended 31 March 2010, 1000 FCC Bonds of USD 1,000 each aggregating to USD 1 Million
were redeemed on 16 February 2010 on maturity. As of 31 March 2011, Nil FCC Bonds (2010 - Nil) of
USD 1,000 each are outstanding.
C) The Company had issued 50,000 Zero Coupon Foreign Currency Convertible Bonds of USD 1,000 each
(` 2,183.00 at issue) on the following terms:
(i) Convertible at the option of the bondholder at any time on or after 15 November 2006 but prior to the
close of business on 2 January 2010 at a fixed exchange rate of ` 43.66 per 1 USD and the price of
` 253.11 (post adjustment for split) per share of ` 1 each.
(ii) Redeemable in whole but not in part at the option of the Company on or after 15 February 2009 if closing
price of the share for each of the 25 consecutive trading days immediately prior to the date upon which
notice of such redemption is given was at least 130% of the applicable Early Redemption Amount divided
by the Conversion Ratio.
(iii) Redeemable on maturity date on 16 February 2010 at 134.07% of its principal amount if not redeemed
or converted earlier. The Redemption Premium of 34.07% payable on maturity of the Bond if there is no
conversion of the Bond to be debited to Securities Premium Account evenly over the period of 5 years from
the date of issue of Bonds.
During the year ended 31 March 2010, 5000 FCC Bonds of USD 1000 each aggregating to USD 5 Million
were redeemed on 16 February 2010 on maturity. As of 31 March 2011, Nil FCC Bonds (2010 - Nil) of USD
1,000 each are outstanding.
Annual Report 2010-2011 75