Strides Pharma Science subsidiary avails credit facility; stock rises

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Strides Pharma Science Ltd has informed the stock exchanges that its step-down subsidiary, Trinity Pharma Proprietary Ltd (Trinity), has availed of credit facility from Investec for Business, a division of Investec Bank Ltd, South Africa.

The company has availed of working capital facility of ₹31.5 lakh from Investec for Business, largely for manufacturing or trading Strides SA products. 

According to a regulatory filing, Strides group has provided support in the form of corporate guarantee/ letter of support to facilitate the said borrowing of Trinity.

Strides Pharma stock rose by 3.19 per cent on the NSE, traded at ₹593.55 as of 11:35 am on Thursday.