Pharmaceutical manufacturing company Granules India said on Friday that its promoters sold 50 lakh shares to a group of reputed investors in a block deal on the stock exchanges to mobilise about Rs 50 crore.
In addition, the promoters are monetising personal assets worth up to another Rs 50 crore which is expected to be complete shortly.
The funds raised through these transactions will be used to reduce promoter leverage by up to Rs 100 crore. This will subsequently bring down their pledged position to around 30 per cent from current level of 54 per cent.
The step is in line with their commitment given on Q3 FY19 earnings call to reduce the pledge continuously and make it pledge-free within two years.
The promoters also reduced some amount of their personal loan in December 2018, which enabled the reduction of from their highest point of pledge of 60 per cent to current level of 54 per cent.
This step has been taken after due consultation with all sets of stakeholders, and to address the concerns related to promoter pledge.
Granules India has started its growth momentum from the current financial year, having witnessed three consecutive strong quarters with high double digit growth in profits. It is among the very few integrated pharmaceutical companies in India and fully US Food and Drug Administration compliant.
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