Financial Daily from THE HINDU group of publications
Wednesday, May 17, 2006
Financial Daily from THE HINDU group of publications Wednesday, May 17, 2006 |
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Corporate
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Outlook Strides to tap QIP for $50 m funds Our Bureau
Bangalore , May 16 Strides Arcolab Ltd plans to tap the recently announced QIP route by raising half of the earlier planned $100 million (Rs 450 crore) fresh funds through qualified institutions placements. The company's board has approved the QIP option for up to $50 million, as per its intimation to the BSE on Tuesday. Subsequently, Strides plans to increase its authorised capital to Rs 132 crore by creating additional equity share capital of Rs 27 crore. At the forthcoming AGM to be held on June 15, the company will seek shareholder approval for its proposals and also consequent amendments in the Memorandum of Association and Articles of Association of the company. On April 25, the Bangalore-based generic pharma exports major announced its plan to raise $100 million through issue of convertible bonds/GDRs/ADRs/equity shares or a mix of these or other equity-linked instruments. The additional funds are to be used for expansion and acquisitions.
More Stories on : Outlook | Pharmaceuticals | Overseas Borrowings
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