Granules India Promoter sells 3.09 pecent stake for Rs 304 crore

Written by Ruchika Sharma Published On 2024-05-23T12:47:31+05:30 | Updated On 23 May 2024 12:48 PM IST

Granules India Promoter sells 3.09 pecent stake for Rs 304 crore

Hyderabad: Krishna Prasad Chigurupati, a promoter of Granules India, has sold a 3.09 percent stake in the company for Rs 304 crore through an open market transaction. According to data from the NSE's block deal, Chigurupati sold 75 lakh shares of Granules India.

The shares were disposed of at an average price of Rs 405.08 apiece, taking the deal size to Rs 303.81 crore, as per the data on the National Stock Exchange (NSE).

According to a regulatory filing on Wednesday, Granules India said the primary objectives of the deal was to clear personal debt, to release the existing pledge on his holding in the company, and creating a small personal liquidity.

Chigurupati further notified the company that he has no plans to sell his shareholding in Granules India Ltd in the foreseeable future.

"Post this transaction, the total promoter & promoter group shareholding in the company has changed from 41.96 per cent to 38.87 per cent of the paid-up equity share capital of the company," the BSE filing said.

Dr. Krishna Prasad Chigurupati’s holding as a Promoter of the Company has changed from 34.78 % to 31.69 % of the Paid-up equity share capital of the Company.

According to PTI, Axis Mutual Fund, Dendana Investments (Mauritius), Fidelity Funds India Focus Fund, Fidelity India Fund, Fidelity Korea - India Equity Investment Trust-Mother and Long Term Equity Fund were among the buyers of shares of Granules India.

Massachusetts Institute of Technology, and Mumbai-based Old Bridge Capital Management also picked up the shares of the company, as per the block data on the NSE.

Granules India Limited, incorporated in 1991 is a vertically integrated Indian pharmaceutical company headquartered in Hyderabad. The Company is among the few pharmaceutical companies in the world to be present in the manufacturing of entire value chain – from Active Pharmaceutical Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs) and Finished Dosages (FDs). Its products are being distributed to over 300+ customers in regulated and semi-regulated markets with a global presence extending to over 80+ countries with offices across India, U.S. and U.K. The Company has 7 manufacturing facilities out of which 6 are located in India and 1 in USA and has regulatory approvals from US FDA, EDQM, EU GMP, COFEPRIS, WHO GMP, TGA, K FDA, DEA, MCC and HALAL.

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Source : with inputs

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751