"This would be the last round of major equity dilution for the company in the foreseeable future and marks the completion of the current fund raising exercise that Granules announced in December," Granules India Managing Director Krishna Prasad said in a communique to the BSE.
IFC is also considering a long-term loan assistance of nine million dollars to the company.
"We are looking forward to this investment of debt or equity, which will strengthen the balance sheet of the company and gear us for delivering the high growth. This reiterates the strength of Granules and will boost the internal systems to meet high-growth phase we are getting into," Prasad added.
The board of directors of the company today passed a resolution entailing the issue of up to 22 lakh shares to IFC at Rs 118.10 each, subject to shareholders' approval.
As per the information available on IFC website, the private equity arm of the World Bank proposes to invest 15 million dollars out of the estimated project cost of 32 million dollars.
The key sites for the said project are Bonthapally and Gaigillapur in Hyderabad.
For the quarter ended March 31, Foreign Institutional Investors (FIIs) like Goldman Sachs Investments (Mauritius) Ltd and Morgan Stanley and Company International Ltd hold 5.29 per cent and 4.84 per cent stake respectively in Granules India, the data available on BSE showed.
The shares of the company were trading at Rs 125.80, up 0.44 per cent on the BSE in late morning deals.
Source :Financial Express
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