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

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.