Mumbai: Arun Kumar, founder of the Strides Group and OneSource, has raised about ₹1,000 crore by pledging his shares in these entities to refinance existing loans, people familiar with the matter told ET.
The four-year facility, structured with a three-year put option and an 18-month make-whole clause, has been arranged by 360 One formerly IIFL Wealth and is priced at around 14%, the people said, requesting anonymity as the details are private.
The loan is backed by a pledge of shares of Strides Pharma Science and OneSource Ideas Venture, along with personal guarantees from Kumar.
"The ₹1,000 crore debt facility has been provided to the promoter of Strides Pharma and OneSource against pledged shares and promoter guarantees," one of the people said. The transaction, they added, does not increase overall leverage but seeks to extend maturities and smoothen repayments at the holding company level.
Emails sent to Strides spokesperson and 360 One did not receive response immediately.
The refinancing replaces earlier promoter loans, which were raised at a higher cost and under tighter covenants. The new structure allows for longer tenors and fewer fragmented borrowings. "Arun Kumar wanted to consolidate multiple small-ticket loans into one or two large, long-term pieces," said another person. "This is largely an aggregation of existing promoter debt rather than new borrowing."
The facility carries a 1.5x security cover, with margin triggers set at 1.35x. The exit is expected through monetisation of other promoter assets and a stable listed equity base across group companies, the person said.
OneSource has a market capitalization of ₹21,000 crore, while Strides Pharma Science is valued at around ₹8,000 crore.
The refinancing comes amid a broader clean-up of the promoter's balance sheet. Rating agency India Ratings, in a report last year, stated a decline in the pledge of promoter shares in Strides to 69.17% in December 2023 from 80.80% in June 2023, which shows deleveraging.
The four-year facility, structured with a three-year put option and an 18-month make-whole clause, has been arranged by 360 One formerly IIFL Wealth and is priced at around 14%, the people said, requesting anonymity as the details are private.
The loan is backed by a pledge of shares of Strides Pharma Science and OneSource Ideas Venture, along with personal guarantees from Kumar.
"The ₹1,000 crore debt facility has been provided to the promoter of Strides Pharma and OneSource against pledged shares and promoter guarantees," one of the people said. The transaction, they added, does not increase overall leverage but seeks to extend maturities and smoothen repayments at the holding company level.
Emails sent to Strides spokesperson and 360 One did not receive response immediately.
The refinancing replaces earlier promoter loans, which were raised at a higher cost and under tighter covenants. The new structure allows for longer tenors and fewer fragmented borrowings. "Arun Kumar wanted to consolidate multiple small-ticket loans into one or two large, long-term pieces," said another person. "This is largely an aggregation of existing promoter debt rather than new borrowing."
The facility carries a 1.5x security cover, with margin triggers set at 1.35x. The exit is expected through monetisation of other promoter assets and a stable listed equity base across group companies, the person said.
OneSource has a market capitalization of ₹21,000 crore, while Strides Pharma Science is valued at around ₹8,000 crore.
The refinancing comes amid a broader clean-up of the promoter's balance sheet. Rating agency India Ratings, in a report last year, stated a decline in the pledge of promoter shares in Strides to 69.17% in December 2023 from 80.80% in June 2023, which shows deleveraging.
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