Strides Arcolab gains after USFDA approval for Rilpivirine

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 trading is higher 1.3% at Rs. 1,239 after getting approval for HIV Drug Rilpivirine, as per media  reports. The pharma company 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. 1237 and has touched a high and low of Rs. 1253 and Rs. 1231 respectively. So far 194170(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 7294.6 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1373 on 20-Aug-2015 and a 52 week low of Rs. 626.15 on 17-Oct-2014. Last one week high and low of the scrip stood at Rs. 1260.45 and Rs. 1191.4 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.