India's Strides Pharma falls after announcing spin off of unit

Strides Pharma Science

26/09/2023 07:09

** Shares of Strides Pharma Science  SRID.NS  fall as much
as 3.3% to 518.1 rupees, biggest pct fall since Sept 12
    ** Co on Monday said it would spin off its contract
development and manufacturing organisation (CDMO) and soft
gelatin business into a new entity named "OneSource"
    ** Shareholders of Strides will receive one share of
OneSource for every two shares held in Strides
    ** Co's shares valued at 364 rupees, a 32.1% discount to
last close of 535.9 rupees
    ** More than 1.4 mln shares change hands by 11:30 a.m. IST
vs 1.8x 30-day avg of 768,800 shares
    ** Including session's loss, stock up ~52% YTD

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))