HSBC picks up 6.22% stake in Strides Arcolab

Pharmaceutical firm Strides Arcolab today said global financial company HSBC has picked up 6.22 per cent stake in the company through institutional placement of shares, possibly for Rs 155 crore.

According to a communique to the Bombay Stock Exchange (BSE), Strides Arcolab said HSBC Global Investment Funds had picked up 6.22 per cent stake, comprising 35.92 lakh shares, through qualified institutional placements (QIP) on October 1.

Although the company did not share the financials involved, based on the closing share price of Strides Arcolab at Rs 434.20 a piece on the day of the transaction, HSBC is estimated to have paid Rs 155.98 crore.

Earlier on September 28, Strides Arcolab had raised Rs 455 crore through issue of shares to the qualified institutional buyers on a private placement basis.

The company had announced its plans to raise $100 million (nearly Rs 456 crore) to partly finance overseas acquisition and other investments.

Shares of Strides Arcolab today closed at Rs 423.75 on the BSE down 1.13 per cent from its previous close.