Strides redeems $34 mn FCCBs due 2010

Strides Arcolab today announced that the Company has redeemed $34 million FCCBs, on due date.  The Company had originally raised $40 million FCCBs in the year 2005 and has bought back $6 million during the year 2009.  The total payout for redeeming the bonds was $46.50 million as the Bonds were redeemable at a premium of 136.78%.

Post redemption of these FCCBs, the Company now has outstanding FCCBs worth $80 million FCCBs out of the $100 million raised in the year 2007. The $80 million FCCB has an initial conversion price of Rs.461.553 per share, and if not converted before June 27, 2012, are redeemable at a premium of 145.058%.

Commenting on the development, Mr. T.S. Rangan, Group CFO stated “The Company has diligently planned the redemption thereby reiterating its commitment in securing the interest of the Investors. We take this opportunity to thank the bond holders for the confidence reposed on us”.

Strides Arcolab Limited: Leadership Through Partnering
Strides Arcolab, listed on the Bombay Stock Exchange Limited (532531) and National Stock Exchange of India Limited (STAR), is a global pharmaceutical company headquartered in Bangalore, India that develops and manufactures a wide range of IP-led niche pharmaceutical products with an emphasis on sterile injectables.

The company has 14 manufacturing facilities across 6 countries, including its joint venture with Aspen in India and has a marketing presence in more than 60 countries in developed and emerging markets. Manufacturing is ably supported by a 350-scientist strong global R&D Centre located in Bangalore. Additional information is available at the company’s website at www.stridesarco.com.