PCV Lux buys 1.2% stake in Strides Arcolab for about Rs 50 cr

Investment fund PCV Lux SCA today picked up 1.2 per cent stake in drug firm Strides Arcolab for an estimated Rs 48.5 crore through open market route.
As per information available with the stock exchanges, PCV Lux SCA bought 3.55 lakh shares of Strides Arcolab on the BSE and another 3.5 lakh scrips of the drug firm on the NSE.
This takes the total number of shares purchased to 7.05 lakh, amounting to 1.2 per cent stake, of the drug firm's existing equity base.
The shares were picked at an average price of Rs 688, valuing the total transaction sum at Rs 48.5 crore.

Last month, Strides Arcolab had received approval from the US health regulator for its generic Buspirone Hydrochloride tablets used for treating anxiety disorders.
Strides Arcolab has five manufacturing facilities and has presence in more than 75 countries.
Shares of the company today rose by 3.24 per cent to settle at Rs 709.3 apiece on the BSE.