Granules gets shareholder nod for Rs 500 crore QIP issue

Drug maker Granules India on Tuesday said it got shareholders nod 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.

The company said 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.

Shares of Granules rose 1.45 percent to close at Rs 143.25 on BSE, the benchmark Sensex gained 0.03 percent to end at 31,103.49 points.