Strides Pharma Science promoters scale down equity warrant subscription to 20 lakh

Strides Pharma Science Ltd on Monday said its promoters have revised downwards their intent to subscribe equity warrants to 20 lakh from an earlier overall commitment to subscribe 40 lakh warrants.

In a regulatory filing, the company said its board of directors have approved the revised proposal of the promoters ''to subscribe up to two million equity warrants at Rs 442 per warrant, which is higher than the floor price arrived at'' in terms of SEBI ICDR regulations.

''Whilst the overall commitment of the promoter group was to acquire up to 4 million shares through subscription of warrants of the company, due to prevailing global external factors, the promoters have revised their intent to subscribe up to 2 million equity warrants,'' it added.

Accordingly, the extraordinary general meeting of the company is now proposed to be held on April 7, 2022 to consider issuance of up to 2 million equity warrants to promoter entity Karuna Business Solutions LLP, along with re-appointment of Homi Rustam Khusrokhan as an independent director for a second term of five years.

Earlier on February 10, the board had approved issuance of up to 4 million equity warrants to Karuna Business Solutions LLP at Rs 485 per equity warrant, while also giving consent to call the EGM on March 12, 2022 to approve the same.

Strides said its founder and promoter Arun Kumar has communicated intent to increase the promoter group's stake in the company to demonstrate their continued commitment and address the impact of the reduction in overall promoter group shareholding due to ongoing reclassification of promoters.

Individuals belonging to the erstwhile Shasun promoters group have applied for reclassification as public shareholders, the company said.

Strides further said owing to the general bearish trend in the global securities market due to external factors, the promoter group had been acquiring shares in the secondary market.

The promoter group intends to acquire an aggregate of about 1 per cent of the company's shares from the secondary market, it added.

The company further said the promoters will continue to increase the group's stake through secondary market acquisition in compliance with applicable laws.