Strides Arcolab surges 5% as the company fully redeems its outstanding FCCBs

Bangalore based Strides Arcolab shares rose by 5% at Rs 758 as the company said it has fully redemmed its outstanding foreign currency loans worth $80million.

Strides had raised $100million in 2007 and brought back $20million in 2009. The company said that the total payout for redeeming the $116million including the redemption premium of 45.058%

Strides this year had sold its Australian generic business to Watson pharma for Rs 3000cr, which brought in considerable cash to the company. It said post this buyout its debt equity ratio will be at 0.75% from 1.67%