Granules India Ltd.'s Board of Directors has approved the allotment of 14.9 per cent stake to Ridgeback Capital Investment LLC. This US-based private equity firm will invest around $ 5.6 million (Rs. 24.7 crore approx.) in Granules India which is a leading pharmaceutical formulation intermediates company with complete vertical integration.Granules will issue 22, 11, 200 equity shares of Rs.10/- each fully paid-up at Rs.105.50 per share (including premium) to Ridgeback Capital or their affiliates on a preferential basis. This allotment of equity would be subject to the approval of the shareholders at the Extra Ordinary General Meeting to be held on Wednesday, the 21st day of March 2007.
Krishna Prasad, Managing Director, Granules India, said, "Ridgeback is a very well connected company in the US pharma industry and they could add a lot of value to Granules India. The funds raised would be utilised by the company to finance its Chinese acquisition and expansion into finished dosages."
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