GMS Holdings Invests Over Rs 58 Crore in Strides Arm

GMS Holdings Invests Over Rs 58 Crore in Strides Arm
New Delhi: Drug firm Strides Shasun on Tuesday said Jordan-based investment firm GMS Holdings has made a first tranche investment of $8.49 million (over Rs 58 crore) in its biotech arm - Stelis Biopharma.

GMS Holding, through its subsidiary GMS Pharma (Singapore) Pte Ltd, has made a first tranche investment of $8.49 million in Stelis Biopharma Pvt Ltd, a subsidiary of the company, Strides Shasun said in a filing to the BSE.

In September 2014, Strides had said in a regulatory filing about entering into an agreement with GMS Holdings whereby GMS would invest $21.90 million for a 25.1 per cent stake in Stelis Biopharma.

"Further equity infusion by GMS Pharma (Singapore) Pte Ltd will be made in tranches based on the project and product development needs over a period of 2 years," Strides Shasun said.

Shares in Strides Shasun, on Tuesday, ended 1.23 per cent lower at Rs 936 apiece on the BSE, whose benchmark Sensex index finished down 1.59 per cent.