Granules promoters sell 50 lakh shares in block deal

Hyderabad: City-based pharma player

Granules

India Ltd on Friday informed the bourses that its promoters have sold 50 lakh shares to a group of investors in a block deal on the stock exchanges to raise Rs 50 crore. The company also said that its promoters are in the process of monetizing personal assets worth up to Rs 50 crore.

“The funds raised through these transactions will be used to reduce promoter leverage by up to Rs 100 crore, which will subsequently bring down the promoters pledged position to around 30% from current level of 54%,” the company said, adding that the move is in line with the commitment made in its Q3FY19 earnings call to reduce the pledge continuously and become pledge-free within two years.

The promoters had also reduced some amount of their personal loan in December 2018, which reduced their pledged stake from 60% to the current level of 54%. This step has been taken after due consultation with all sets of stakeholders, and to address the concerns related to pledged promoter equity, the company said. As of quarter ended December 2018, the promotors’ shareholding had come down to 44.87% (11.41 crore shares) from 44.88% in quarter ended September 2018.


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