Strides Arcolab has rallied 6% to Rs 738 after the company said it has received shareholders' approval for increasing the foreign institutional investors' (FIIs) investment limit in the company to 74% of the paid up equity share capital of the firm.
“FII's can now invest upto 74% of the paid up equity share capital of the company under the Portfolio Investment Scheme. The current Fll holding in the company is 52%,” Strides Arcolab said in a statement.
As required under the FEMA Regulation, the company has made necessary intimation to the Reserve Bank of India confirming the shareholders' approval for the increased Fll investment limit, it added.
Meanwhile, the stock of pharmaceutical has rallied 25% in past three trading sessions from Rs 589 on July 31, after the company received tentative approval from the US health regulator for anti-AIDS combination drug.
Strides Arcolab said it had received the approval from the United States Food and Drug Administration for its abbreviated new drug application (ANDA) for Tenofovir Disoproxil Fumarate and Emtricitabine tablets in the strengths of 300 mg and 200 mg.
Today, the stock opened at Rs 700 and hit a low of Rs 696 on BSE. A combined 232,795 shares changed hands on the counter so far on BSE and NSE.
“FII's can now invest upto 74% of the paid up equity share capital of the company under the Portfolio Investment Scheme. The current Fll holding in the company is 52%,” Strides Arcolab said in a statement.
As required under the FEMA Regulation, the company has made necessary intimation to the Reserve Bank of India confirming the shareholders' approval for the increased Fll investment limit, it added.
Meanwhile, the stock of pharmaceutical has rallied 25% in past three trading sessions from Rs 589 on July 31, after the company received tentative approval from the US health regulator for anti-AIDS combination drug.
Strides Arcolab said it had received the approval from the United States Food and Drug Administration for its abbreviated new drug application (ANDA) for Tenofovir Disoproxil Fumarate and Emtricitabine tablets in the strengths of 300 mg and 200 mg.
Today, the stock opened at Rs 700 and hit a low of Rs 696 on BSE. A combined 232,795 shares changed hands on the counter so far on BSE and NSE.