The conclusion of the transaction is subject to the fulfillment of certain closing conditions and regulatory approvals.
Granules India share price rose 1 percent in the early trade on December 16 after the company decided to sell its stake in its Chinese joint venture.
The company has entered into an agreement with Hubei Biocause Heilen Pharmaceutical CO Limited, its joint venture partner, for the sale of 33,000,000 equity shares of 1 RMB each held by the company in Granules-Biocause Pharmaceutical Co Limited, a joint venture company based in China, for a consideration of RMB 109 million.
At 0931 hours, Granules India was quoting at Rs 132.40, up Rs 1.40, or 1.07 percent, on the BSE.
The share touched its 52-week high of Rs 135.85 on November 28, 2019, and 52-week low of Rs 79 on December 10, 2018.