Drug firm Strides Arcolab today said it plans to raise up to $100 million (about Rs 460 crore) to partly finance overseas acquisition and other investments, for which it will seek shareholders approval later this month.
"In order to part-finance overseas acquisitions, investments and other uses, including capital expenditure...The company proposes to raise up to $100 million in one or more tranches," Strides Arcolab said in a filing to the Bombay Stock Exchange (BSE).
The company said it could use various routes such as convertible bonds, foreign currency convertible bonds, global depository receipts, ADRs or QIP and other equity linked instruments for the purpose.
An extra ordinary general meeting will be held on July 23 to seek shareholders approval to raise the funds, the filing added.
Shares of Strides Arcolab today closed at Rs 416.05 on the BSE, up 1.30 per cent from its previous close.