Share price of
Strides Arocolab crashed 58% on recently to adjust to special dividend
announced by the firm.
Last week, Strides
had announced a blockbuster dividend of Rs. 500 a share in the wake of the
$.1.75-billion sale of Agila Specialities, its injectable drugs unit, .to Mylan
Inc of the US.
The firm said the
record date for the payment of special dividend December 20, 2013 and it would
be paid on or / after December 27, 2013.
Shareholders whose
name appears on the company's book on December 20, 2013 would be eligible for
the special dividend.
The stock is
currently ruling at Rs 374, down Rs
508.9 or 57.7% over the previous day's
close of Rs. 882.90.
The sale of Agila
Specialities to Mylan was announced on February 28 this year for an aggregate
value of $160 Crore in cash and potential additional consideration of up to $
25 Crore.
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