Strides Pharma rises 4% after NCLT nods creation of OneSource

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Strides Pharma shares advanced 3.5 per cent and registered an intraday high of Rs 1,442 per share. The buying interest in the stock came after the National Company Law Tribunal (NCLT) gave nod for the scheme of arrangement to create OneSource. 

 

Around 11:02 AM, Strides Pharma shares were up 2.48 per cent to Rs 1,427 per share on BSE. In comparison, the BSE Sensex was down 0.69 per cent at 77,043.33. The market capitalisation of the company stood at Rs 13,122.44 crore. The 52-week high of the company was at Rs 1,675.25 per share and 52-week low of the company was at Rs 482.5 per share.

 

"Strides is pleased to announce that the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, has pronounced Order on November 14, 2024 (which was uploaded on NCLT website on November 19, 2024) sanctioning the Scheme of Arrangement for the creation of OneSource, India’s first specialty pharma contract development and manufacturing organisation (CDMO)," the filing read. 

 

The creation of OneSource will incorporate specialised businesses of Strides, Steriscience and the highend biologics CDMO business from OneSource (formerly Stelis Biopharma Limited). 

 

"This integration, underpinned by a recently secured equity commitment of Rs 8,010 million ($95 million) from a group of renowned investors, at a pre-money equity valuation of $1.65 billion, positions OneSource for robust growth," the filing read. 

 

Following this approval, OneSource will advance towards listing its equity shares on the BSE and NSE. 

 

Strides’ shareholders will be allotted one share of OneSource for every two equity shares held in Strides as part of the approved scheme of arrangement.

 

Further, the board of Strides, Steriscience and OneSource shall fix record date for allotment of shares, basis which OneSource shall allot shares to shareholders.

 

The demerged undertakings from Strides and Steriscience shall vest with OneSource effective April 1, 2024.

 

Strides Pharma Science Limited is an Indian multinational pharmaceutical company that manufactures and markets a wide range of generic pharmaceutical products across various therapeutic areas. Founded in 1990, the company has grown to become one of India’s prominent players in the pharmaceutical industry, with a strong focus on providing affordable healthcare solutions globally.

 

In the past one year, Strides Pharma shares have gained 180.88 per cent against Sensex's rise of 18 per cent.