Goldman Sachs sells Strides Arcolab shares for Rs 33.4 cr

PTI Posted online: Friday, Dec 06, 2013 at 0000 hrs
Mumbai : Foreign fund house Goldman Sachs Investments Mauritius today sold 3.80 lakh shares of drug major Strides Arcolab for nearly Rs 33.4 crore in open market.

According to the bulk deal information with the stock exchanges, Goldman Sachs Investments, a shareholder of Strides Arcolab, sold a total of 3,80,748 shares of the drug maker.

Strides Arcolab shares were sold at an average price of Rs 876.84 apiece amounting the transaction to Rs 33.38 crore.

As on quarter ending September 2013, Goldman Sachs Investments Mauritius held 33.91 lakh shares of Strides Arcolab representing 5.73 per cent stake in the company.

Yesterday, 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.

Shares of Strides Arcolab today closed higher by 2.21 per cent at Rs 861.65 apiece on the BSE.