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.”
About Granules India Ltd.
Granules India Ltd. is a fully integrated pharmaceutical formulations manufacturer with the world’s largest ‘granulation’ capacity. The company manufactures several strategic Active Pharmaceutical Ingredients (APIs) and multiple Pharmaceutical Formulation Intermediates (PFIs), which are distributed in 35 countries. It is foraying into manufacturing of tablets with a capacity of 6 billion tablets per annum. This facility will strengthen its presence in the pharma outsourcing space as it will have capabilities of offering a wide range of products beginning from APIs to finished dosages (coated/uncoated). Please visit us on http://granulesindia.com.
Source : pharmalive