Debt

Debt financing

Strides founder pledges shares to raise Rs.1,000-Cr to refinance debt

Economic Times  

Arun Kumar, the founder of Strides Group and OneSource, has raised INR 1,000 crore by pledging his shares in these entities to refinance existing loans. This four-year loan facility, carrying 14% interest and featuring a three-year put option and an 18-month make-whole clause, was arranged by 360 One, formerly IIFL Wealth.The loan is backed by a pledge of shares of Strides Pharma Science and OneSource Ideas Venture, in addition to personal guarantees from Kumar. OneSource has a market capitalisation of INR 21,000 crore, while Strides Pharma Science is valued at around INR 8,000 crore.