Strides Arcolab Closes QIP Issue

Strides Arcolab Ltd has announced that in respect of issue of equity shares of face value Rs. 10/- each of the Company to QIBs under Qualified Institutions Placement in terms of Chapter VIII of the SEBI Regulations, the Management Committee of the board of directors of the Company has, decided to close the issue on September 28, 2010 with immediate effect.

Based on the bids received, the Company will be issuing 10,742,533 Equity Shares of Rs. 10/- each at a price of Rs. 423.55 per Equity Share (including a premium of Rs. 413.55 per Equity Share) aggregating Rs. 455.00 Crores.

The stock closed the day at Rs.424.45, down by Rs.2.50 or 0.59%. The stock hit an intraday high of Rs.432.70 and low of Rs.420.

The total traded quantity was 1.82 lakhs compared to 2 week average of 1.27 lakhs.

Source : Equity Bulls

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