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Strides Pharma Science surges on receiving requisite approvals to exit investment in Arrow

Strides Pharma Science is currently trading at Rs. 405.20, up by 6.35 points or 1.59% from its previous closing of Rs. 398.85 on the BSE. The scrip opened at Rs. 402.15 and has touched a high and low of Rs. 407.00 and Rs. 396.50 respectively. So far 12509 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 550.40 on 22-Jan-2019 and a 52 week low of Rs. 340.00 on 19-Jul-2018. Last one week high and low of the scrip stood at Rs. 422.40 and Rs. 392.95 respectively. The current market cap of the company is Rs. 3571.68 crore.

The promoters holding in the company stood at 31.24%, while Institutions and Non-Institutions held 49.42% and 19.34% respectively.

Strides Pharma Science has received all requisite approvals for the transaction to exit its investment in Arrow for AUD 394 million, and Strides Pharma Global Pte (SPG), a step-down subsidiary of the Company in Singapore, has signed the definitive agreements for the same.

The company expects the transaction to close on or around July 10, 2019. SPG will receive AUD 300 million immediately at closing and balance AUD 94 million will be received as deferred consideration backed by a secured interest-bearing instrument.

Strides Pharma Science (Formerly Strides Shasun) is a pharmaceutical company with a major focus on development and manufacture of IP-led niche finished dosage formulations. It is also among the world’s largest manufacturers of soft gelatin capsules.

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