New Delhi: Drug firm Strides Arcolab Ltd plans to raise up to 1,500 crore through various market instruments. “The board of directors of the company have approved the proposal to raise long term funds by way of issue of GDRs/ADRs /FCCBs/QIP or such other equity linked instruments as may be permissible for an amount up to 1,500 crore including a green shoe option," Strides Arcolab said in a BSE filing.

It added: “The fund raising is subject to shareholders’ approval and such other statutory approvals as may be required including that of Foreign Investment Promotion Board." Shares of Strides Arcolab closed at 1,224.25 apiece, down 1.14% on the BSE on Monday.