Granules India rallies 10% as promoters sell 5 mn shares in block deals

The stock rallied 10 per cent to Rs 114 in intra-day trade on Friday

Shares of Granules India rallied 10 per cent to Rs 114 in intra-day trade on the BSE on Friday after the company said its promoters sold partial stake as well as monetized personal assets to reduce their leverage.

The pharmaceutical company's stock was trading close to its 52-week high of Rs 123 which it touched on September 10, 2018 on the BSE in an intra-day deal.

“The promoters of the company sold 5 million equity shares representing 0.20 per cent stake to a group of reputed investors in a block deal on the stock exchanges, to mobilize about Rs 50