Financial Daily from THE HINDU group of publications
Monday, Oct 11, 2004
Financial Daily from THE HINDU group of publications Monday, Oct 11, 2004 |
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Corporate
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Preferential Allotments Strides takes controlling stake in Latam venture Our Bureau
Bangalore , Oct. 10 STRIDES Arcolab Ltd has taken a controlling stake in its Latin American joint venture. The investment of around Rs 60 crore, however, is cash-neutral as the Latin American partner, Elcemar Almeida & Associates, has been issued stake in Strides on preferential basis, the company has said. The board of the Bangalore-based pharma export major approved the issue on Friday. While Strides' stake in Elcemar goes up from 40 per cent to 74 per cent, the Latin American company in return receives 30 lakh equity shares at Rs 200 per share - or 7-8 per cent stake in Strides. The board also approved issue of up to 19.33 lakh convertible warrants to promoters and their associates at Rs 190 per warrant, totally worth around Rs 36.7 crore. This was an anti-dilutive step, said Mr K.R. Ravi Shankar, CEO-India. Strides, he said, planned to increase its presence in Brazil and Mexico where the markets are growing well.
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