Strides Arcolab to raise up to Rs 1,500 cr via various market instruments

Drug firm Strides Arcolab plans to raise up to Rs 1,500 crore through various market instruments.

"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 up to Rs 1,500 crore including a green shoe option", Strides Arcolab said in a Bombay Stock Exchange (BSE) filing.

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

Shares of Strides Arcolab were trading at Rs 1,240 apiece, higher by 0.13 per cent at 12:13 pm on the BSE. The scrip fell 1.24 per cent at Rs 1,223 apiece at close.