Granules India to raise $20mln

New Delhi, Nov 12 (UNI) Granules India, a pharmaceutical formulation intermediates manufacturer has announced to raise 20 milion dollars through issue of securities in the domestic and overseas market.

''The board of Directors has approved issue of convertible securities/GDRs/ADRs/FCCBs for raising of funds to the tune of 20 million dollars,'' a company statement said.

The proposal is subject to the approval of shareholders of the company.

Granules had acquired 50 per cent stake in China's Hubei Biocause Heilen Pharmaceutical Company last month to manufacture and sell pharmaceutical APIs, including Ibuprofen.

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