Strides Pharma Science soars as its arm gets AUD 94 million as deferred consideration for sale of Australian operations
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Strides Pharma Science is currently trading at Rs. 375.80, up by 9.70 points or 2.65% from its previous closing of Rs. 366.10 on the BSE.
The scrip opened at Rs. 368.10 and has touched a high and low of Rs. 392.20 and Rs. 368.10 respectively. So far 78020 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 466.60 on 18-Jan-2022 and a 52 week low of Rs. 263.45 on 11-May-2022.
Last one week high and low of the scrip stood at Rs. 392.20 and Rs. 357.80 respectively. The current market cap of the company is Rs. 3450.01 crore.
The promoters holding in the company stood at 31.07% while Institutions and Non-Institutions held 36.90% and 32.03% respectively.
Strides Pharma Science’s step-down subsidiary---Strides Pharma Global has received AUD 94 million as the deferred consideration for the sale of the company’s Australian operations in 2019. The proceeds will be utilized for deleveraging the balance sheet.
Strides, in 2019, exited its investments in Australia for AUD 394 million. The company received AUD 300 million immediately on the transaction's closing, and the same was used towards significant deleveraging of the balance sheet through repayment of debt. The balance of AUD 94 million was a deferred consideration backed by a secured interest-bearing instrument. Strides continues to be a preferred supplier to Arrotex, which is the largest generic company in Australia.
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.
.jpg)
