Strides Pharma stock gains 2% after associate firm secures Rs 800-crore fund commitments

Last year in September, Strides had announced the formation of OneSource, India’s first specialty pharma pure-play CDMO player

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

Shares of Strides Pharma Science gained close to two percent after its said that associate firm, OneSource Specialty Pharma Ltd, received "confirmed commitments" for fundraising of Rs 801 crore ($95 million) from marquee domestic and foreign institutional investors in the pre-listing round.

At 9:30 am, Strides Pharma shares were trading at Rs 1,592 on the National Stock Exchange, up 1.66 percent from the previous close.

Share subscription agreements are being executed at a pre-money equity value of $1.65 billion, which will help Strides’ shareholders get an embedded value of Rs 663 a share of Strides’ holding in OneSource, the exchange filing said. It represents an around 82 percent premium over the previous embedded value of Rs 364 a share, the scheme of Arrangement, announced in September 2023, said.

“The strong interest from leading investors reflects growing confidence in our capabilities and the immense potential of the CDMO sector emerging out of India,” the company statement said.

In September last, Strides had announced the formation of OneSource, India’s first specialty pharma pure-play CDMO player by integrating Stelis’ Biologics CDMO, SteriScience's Complex Injectables, and Strides' Soft Gelatine businesses in a single entity by way of scheme of arrangement.

Arun Kumar, founder of Strides Group, and Neeraj Sharma, CEO of OneSource, said in a statement, "We are delighted to have received an overwhelming response to the pre-listing fundraise from a marquee set of investors on our cap table prior to our listing. Their strong support is a testament to the confidence they have in our vision and strategic direction. This fundraise will enable us to accelerate our growth plans, right-size our debt book, and commit significant new capex for a strong order book across our 3 platforms.”

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.