The Hindu Business Line : Strides EGM clears FCCB

BANGALORE: Strides Arcolab Ltd has informed the BSE that the EGM held on Tuesday approved the issue of $40 million (about Rs 170 crore) worth of FCCBs or such other similar securities including green shoe option on the stipulated terms and conditions.

The board has approved a proposal to raise funds up to Rs 55 crore through issue of cumulative redeemable preference shares to, inter-alia fund the company's R&D expenditure.

The MD/ED would finalise the terms, size and details of this issue and also the date for convening an EGM to seek shareholder approval for this proposal.

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