Sudarshan Pharma Board Approves USD 20 Million 8% FCCBs Due 2029

Sudarshan Pharma Industries Limited has disclosed, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that its Board of Directors, at its meeting held on May 15, 2026, has approved the issuance of up to USD 20,000,000 (USD 20 million) of 8.00% Senior Unsecured Foreign Currency Convertible Bonds (FCCBs) due 2029. The disclosure was filed by Joint Managing Director Sachin Mehta and follows the company's earlier communication dated May 12, 2026, regarding the scheduled board meeting.

Board Approvals at a Glance

The board considered and approved several key resolutions at its May 15, 2026 meeting. The following table summarises the key decisions taken:

Parameter: Details Security Type: 8.00% Senior Unsecured Foreign Currency Convertible Bonds (FCCBs) Issue Size: Up to USD 20 million (in one or more tranches) Maturity: Due 2029 (3 years and 2 months from date of full payment) Coupon Rate: 8% per annum Issue Opening Date: May 18, 2026 Relevant Date: May 15, 2026 Regulatory Floor Price: Rs.30.19 per share Offering Circular Date: On or about May 15, 2026 Type of Issuance: International offering Allotment Timeline: Within 60 days from the Issue Closing Date

The board also approved the draft Offering Circular dated on or about May 15, 2026, and designated May 15, 2026 as the 'Relevant Date' for the purpose of the FCCB issue, in accordance with the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme, 1993, as amended.

Conversion and Pricing Details

The FCCB issuance carries significant equity conversion implications. The following table presents the key financial and conversion parameters as disclosed:

Parameter: Details Issue Size (USD): Up to USD 20 million Conversion Rate Applied: USD 1 = Rs.95.93 Equivalent INR Amount: Rs.191.86 Crores Approximate Equity Shares on Conversion: ~6,35,50,845 equity shares of Re.1/- each Floor Price (Regulatory): Rs.30.19 per share Defaults on Coupon Payment: Nil

The number of equity shares on conversion has been calculated on the basis of the regulatory floor price of Rs.30.19, considering the issue size of up to USD 20 million equivalent to INR 191.86 Crores.

Authorised Signatories and Prior Approvals

The board has authorised Mr. Hemal Vasantra Mehta, Chairman & Managing Director, and/or Mr. Sachin Vasantra Mehta, Joint Managing Director, to sign all documents related to the FCCB issuance, including agreements, powers of attorney, undertakings, and indemnities, and to make any amendments to the documents before or after execution.

The FCCB issuance is backed by prior approvals at multiple levels. Shareholders of Sudarshan Pharma Industries had accorded their approval on August 11, 2025 for the proposed bond issuance. The company subsequently received an in-principle approval from BSE Limited dated September 25, 2025, paving the way for the board to formally deliberate and approve the matter. The final issuance remains subject to receipt of all applicable regulatory and statutory approvals as required under prevailing laws and exchange regulations.

Company Overview

Sudarshan Pharma Industries Limited is headquartered at 301, Aura Biplex, Premium Retail Premises, 7, S.V. Road, Borivali (West), Mumbai – 400092. The company's compliance correspondence can be directed to compliance@sudarshanpharma.com , and further information is available at www.sudarshanpharma.com .

Sudarshan Pharma Industries Limited has disclosed the resignation of Sachin Vasantrai Mehta from the position of Chief Financial Officer (CFO), effective May 1, 2026. The development was formally communicated to BSE Limited by the company's Company Secretary and Compliance Officer, Nirav Shah, on May 8, 2026, in response to a query raised by the exchange on May 2, 2026, seeking additional details regarding the corporate announcement filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

CFO Resignation: Key Details

The resignation letter, dated April 27, 2026, was submitted by Sachin Vasantrai Mehta to the Board of Directors of Sudarshan Pharma Industries Limited. In his letter, Mehta tendered his resignation as CFO with effect from May 1, 2026. The company had originally filed the corporate announcement pertaining to this resignation on May 1, 2026, vide company letter no. SPIL/CS/SE/2026-2027/08 dated April 30, 2026.

The following table summarises the key details of the resignation:

Parameter: Details Outgoing CFO: Sachin Vasantrai Mehta Resignation Date (Letter): April 27, 2026 Effective Date of Resignation: May 1, 2026 BSE Query Date: May 2, 2026 Company Response Date: May 8, 2026 Continuing Role: Joint Managing Director

Reason for Resignation and Continuing Role

In his resignation letter addressed to the Board of Directors, Mehta stated that there are no other material reasons beyond those provided for his resignation as Chief Financial Officer. Notably, Mehta clarified that he will continue to serve the company as Joint Managing Director, indicating that his association with Sudarshan Pharma Industries Limited remains intact in an executive capacity.

Mehta also expressed gratitude to his colleagues on the Board for the cooperation extended during his tenure as CFO, and requested the company to complete all necessary regulatory filings with the Stock Exchanges, Ministry of Corporate Affairs, Registrar of Companies, and all other relevant authorities.

Regulatory Compliance

The disclosure was made by Nirav Shah, Company Secretary and Compliance Officer of Sudarshan Pharma Industries Limited, in accordance with the requirements under Regulation 30 of SEBI (LODR) Regulations, 2015. The company submitted the detailed resignation letter as an enclosure to its reply, fulfilling the additional disclosure requirement sought by BSE Limited.

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