Strides Pharma gets Rs525 crore deferred consideration for Australian deal

22 Dec 2022 , 08:58 AM

Strides Pharma Science Limited has informed that its Singapore-based step- down subsidiary Strides Pharma Global Pte Limited has received AUD 94 Million (Rs525 crore) 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. 

As per the filing, 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.

On this development, the company said, ‘Strides continues to be a preferred supplier to Arrotex, which is the largest generic company in Australia.’

At around 2:40 PM, Strides Pharma Science was trading at Rs365.40 per share lower by 0.19% on the BSE.

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