Goldman Sachs sells 4.2 lakh Strides Arcolab Ltd shares for Rs 36.8 crore

Written by PTI | Mumbai | Updated: Dec 11 2013, 02:46am hrs
ShareGoldman Sachs Investments Mauritius offloaded a total of 4,20,034 shares of Strides Arcolab.
Foreign fund house Goldman Sachs Investments Mauritius, a shareholder of Strides Arcolab Ltd, today sold 4.2 lakh shares of the drug company for Rs 36.81 crore in the open market.

According to bulk deal information with the bourses, Goldman Sachs Investments Mauritius offloaded a total of 4,20,034 shares of Strides Arcolab today.

Strides Arcolab shares were sold for an average price of Rs 876.56 apiece taking the total value of the transaction to Rs 36.81 crore.

At the end of quarter ending September 30, 2013, Goldman Sachs Investments Mauritius held 33.91 lakh shares of Strides Arcolab amounting to 5.73 per cent stake in the company.

Last week, the foreign fund house had sold 3.80 lakh Strides Arcolab shares for an estimated Rs 33.38 crore.

On December 5, Strides Arcolab had said it had completed the sale of its Agila Specialties division to Mylan Inc for a total consideration of up to USD 1.75 billion.

The company, however, said it has agreed to a hold back of USD 250 million due to a warning letter received by it from the USFDA for one of its injectable facilities in Bangalore.

Post the deal, over 1,800 employees of Strides Group would become part of Mylan. Agila currently produces drugs across nine manufacturing facilities in India, Brazil and Poland, eight of which have been approved by the USFDA.

Earlier today, the Bangalore-based drug major had said that it will pay a special dividend of Rs 500 per equity share following the completion of its deal with Mylan.

Shares of Strides Arcolab rose by 1.48 per cent to settle the day at Rs 876.95 apiece, on the BSE.