Strides jumps 8.5%, may pay out Rs 800/sh to shareholders

Moneycontrol Bureau

Shares of Strides Arcolab jumped 8.5 percent on reports that the company may pay out Rs 800 per share to shareholders post the Agila deal.

According to information available in BSE, Strides Acrolab has 27,177 shareholders, including 24,320 retail investors. As of June 30, the promoters had a 27.39 percent stake in the company, while foreign institutional investors had 51.7 percent.

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Earlier this month, the government had cleared the Rs 5,168-crore deal of the US-based Mylan for acquiring Bangalore-based pharma firm Agila Specialties, a subsidiary of Strides Arcolab .

While announcing the deal in February this year, the US-based firm had said that Agila will bring a broad product portfolio of more than 300 filings approved globally and marketed through a network covering 70 countries, including 61 abbreviated new drug applications (ANDAs) approved by the US Food and Drug Administration (USFDA).

At 11:34 hrs Strides Arcolab was quoting at Rs 920.30, up Rs 40.25, or 4.57 percent on the BSE.

(Posted by Nasrin Sultana)