Arun Kumar is in the news again…
In August, Kumar paid ~A$21m to buy a 3.7% holding in Strides owned by Sequent Medical, bringing the stake of Strides’ promoters (predominantly interests related to Kumar and his partner KR Ravishankar) to 29.69%. Strides’ share price has subsequently risen more than 80% and at current market price, the promoters’ stake is now worth over A$400m.
Now the promoters are seeking to exit Strides and have appointed investment bank, Moelis & Co., to seek interest from prospective buyers for their stake.
This follows Kumar stepping down earlier this year as CEO of Strides, a company he had founded and led for almost 30 years. At the time he said that he would move to the more strategic role of Chairman and dedicate his time to Strides' newly announced biotech/sterile injectables venture.
In September it was announced that the sterile injectables business, named Steriscience, would require an initial investment of ~A$74m. Strides was to commit funds for a 54% stake, while the promoters were to contribute funds for the remaining 46%.
Kumar, dubbed the madman with the Midas touch by one journalist, seems to see gold in Steriscience.
https://www.livemint.com/companies/...worth-over-rs-2-000-crore-11607349313607.html
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