Strides board approves to raise up to Rs 150 crore through securities

Strides Pharma Science on Monday said its board has approved to raise up to Rs 150 crore through an issue of securities.

The board of directors, at its meeting, held on Monday considered and approved the offering for subscription, on a private placement basis, up to 1,500 senior, secured, rated, unlisted, redeemable, non-convertible debentures of face value Rs 10 lakh each, aggregating up to Rs 150 crore, the drug firm said in a regulatory filing.

The Bengaluru-based firm, however, did not disclose how it plans to utilise the fund.