This small-cap pharma stock jumped after company got a consideration of AUD 94 Million
Company’s shares jumped by 1.60% after receiving a deferred consideration of AUD 94 million. Company plans to reduce its debt.
Shares of Strides Pharma Science Limited opened on Friday at Rs 369.00 and touched its day high at Rs 373.40 on BSE and after a jump by 1.63%. During last week, the stock touched a high of Rs 392.20 and low of Rs 359.05.
Management of the company on Thursday has updated that, the deferred payment for the sale of the Company's Australian operations in 2019 was paid to Strides Pharma Global Pte Limited, a step-down subsidiary of the Company in Singapore, in the amount of AUD 94 million. The money will be used to reduce the balance sheet's debt.
A secured interest-bearing instrument was used to secure the deferred consideration for the remaining AUD 94 million. Arrotex, the biggest generic firm in Australia, continues to select Strides as a supplier.
Strides Pharma Science Ltd has its core competencies in pharmaceutical product development and manufacturing. Over 100 nations sell the pharmaceutical items produced by the company.
Over the years, the company has consistently used an inorganic growth approach, which has led to expansion into new markets, the inclusion of new business and therapy categories, and the development of industrial infrastructure. The company is also one of the biggest producers of soft gelatin capsules worldwide.
This BSE group “A” stock touched its 52-week High at Rs 466.60 whereas the 52-week low stood at Rs 263.45. Presently, the promoters are holding 31.07% stake of the company, while Institution and Non-Institutions are holding 36.90% and 32.03% stake, respectively.
The market cap of the company is stood at Rs 3,250.45 crore.
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