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Strides Arcolab to raise up to $227M
Photo Credit: Strides Arcolab Ltd.

Strides Arcolab Ltd, a Bangalore-based pharmaceutical company, has received its board’s approval to raise up to Rs 1,500 crore ($226.8 million) including a green-shoe option, according to a stock market disclosure.

It will be raising the funds by way of issuing GDRs/ADRs/FCCBs, QIP or such other equity linked instruments, the company said.

Founded in 1990, the company offers general tablets, hard- and soft-gelatin capsules, sachets, potent drugs and semi-solids.

In May this year, Strides Arcolab signed a deal to acquire South African drugmaker Aspen Pharmacare's generic pharmaceutical business in Australia together with certain branded pharma assets.

Last year, it struck three deals including two in India. The company made a strategic investment in Oncobiologics Inc and also bought a majority stake in branded generics business of Chennai-based Bafna Pharmaceutical and announced an all-stock deal to buy Shasun Pharma.

Shares of Strides Arcolab were trading at Rs 1,237 each, down 0.11 per cent on BSE in a weak Mumbai market on Monday at 1.22 PM.

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