Strides Pharma Science Ltd receives deferred consideration of AUD 94 million

Strides Pharma Global Pte Limited, a step-down subsidiary of Strides Pharma Science Ltd in Singapore, has received AUD 94 Million as the deferred consideration for the sale of the Company's Australian operations in 2019. The proceeds will be utilized for deleveraging the balance sheet.

Strides, in 2019, exited its investments in Australia for AUD 394 million. The company received AUD 300 million immediately on the transaction's closing, and the same was used towards significant deleveraging of the balance sheet through repayment of debt. The balance of AUD 94 Million was a deferred consideration backed by a secured interest-bearing instrument.

Strides continues to be a preferred supplier to Arrotex, which is the largest generic company in Australia.

Shares of Strides Pharma Science Limited was last trading in BSE at Rs. 366.10 as compared to the previous close of Rs. 362.95. The total number of shares traded during the day was 66944 in over 3283 trades.

The stock hit an intraday high of Rs. 378.40 and intraday low of 360.65. The net turnover during the day was Rs. 24739935.00.

Source : Equity Bulls

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