Strides Arcolab plans to raise Rs. 1,500 crore

The fund raising is subject to shareholders' approval and such other statutory approvals as may be required including that of Foreign Investment Promotion Board.

Strides Arcolab Ltd has announced that the Board of Directors of the Company have approved the proposal to raise long term funds by way of issue of GDRs/ ADRs/ FCCBs/ QIP or such other equity linked instruments as may be permissible for an amount upto Rs. 1,500 crore including a green shoe option.

The fund raising is subject to shareholders' approval and such other statutory approvals as may be required including that of Foreign Investment Promotion Board.

The scrip opened at Rs. 1250 and has touched a high and low of Rs. 1250 and Rs. 1225.1 respectively. So far 39072(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 7384.04 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1373 on  and a 52 week low of Rs. 625.1 on . Last one week high and low of the scrip stood at Rs. 1260.45 and Rs. 1129.15 respectively.

The promoters holding in the company stood at 27.65 % while Institutions and Non-Institutions held 45.94 % and 26.41 % respectively.

The stock is currently trading below its 50 DMA.