Granules India invites shareholders approval for IFC invt

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Granules India invites shareholders approval for IFC invt

Granules India invites shareholders approval for IFC investment

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Granules India , a fully integrated pharmaceutical company with specialisation in Pharmaceutical Formulation Intermediates, today announced that it's board has passed a resolution inviting the approval of shareholders for issuing upto 22,00,000 shares to International Finance Corporation of the World Bank at a price of Rs. 118.10 per share. IFC is also considering a Long Term Loan assistance of USD 9 mn to Granules India.

Commenting on the development, Krishna Prasad, Managing Director, Granules India, said, "We are looking forward to this investment of debt and equity, which will strengthen the balance sheet of the company and gear us for delivering the high growth contemplated by us. We feel that this also reiterates the strength of the business model of Granules and will definitely enable the company to gear up the internal systems to meet the high-growth phase we are getting into."

Mr Prasad also added, "This would be the last round of major equity dilution for the company in the foreseeable future and marks the completion of the current fund raising exercise that Granules announced in December 2006"

Recently, Granule's Board of Directors approved the allotment of 14.9 per cent stake to US- based private equity firm Ridgeback Capital Investment LLC . The company also recently entered into an outsourcing agreement with Matchland Pty Ltd of Australia.

Sourced From: Prana Public Relations