Granules India has received its shareholders’ approval to go ahead with the proposed Rs 500 crore share sales to investors. The company which held its extra ordinary general meeting in Hyderabad has passed a special resolution enabling the management to sell shares to raise Rs 500 crore in a qualified institution placement (QIP).
The proposed capital raise will help the company to meet the capital expenditure requirements for the ongoing and future projects of the company and its subsidiaries, working capital requirements, investment in subsidiary companies, repayment of rupee term loans, general corporate purposes including pursuing new business opportunities and meeting the issue expenses.
Granules India, the Hyderabad-head quartered company, manufactures active pharmaceutical ingredients, pharmaceutical formulation intermediates and finished dosages. It intends to increase its global presence with a firm base and operations in the US.
| Company Name | CMP |
|---|---|
| Sun Pharma Inds. | 1675.20 |
| Dr. Reddys Lab | 1235.40 |
| Cipla | 1238.30 |
| Zydus Lifesciences | 942.55 |
| Lupin | 2324.25 |
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