Granules promoters
offload 50 lakh shares
Pharma firm Granules India on Friday said the promoters have sold 50 lakh shares to a group of reputed investors in a block deal on the stock exchanges to mobilise about ₹50 crore. Information available on the stock exchange said the share sale was for ₹101.08 apiece. In addition, the promoters are also monetising personal assets worth up to ₹50 crore, which is expected to be complete shortly, a release from Granules India said.
The funds raised through these transactions will be used to reduce promoter leverage by up to ₹100 crore and which will subsequently bring down the promoters pledged position to around 30% from current level of 54%.
This, the release said, was in line with the commitment the promoters gave during the Q3 FY19 earnings call to reduce the pledge continuously and make it pledge-free within two years. In December 2018, the promoters had also reduced some amount of their personal loan, which enabled the reduction of from their highest point of pledge of 60% to current level of 54%.
Stating that this step has been taken after due consultation with all sets of stakeholders and to address the concerns related to promoter pledge, the release said Granules India had started its growth momentum from the current financial year, having witnessed three consecutive strong quarters with high double digit growth in profits. Shares of Granules gained 6.79% to close at ₹110.85 apiece on Friday.