Granules India to allot 14.9 % stake to Ridgeback

Hyderabad, Feb 26 (UNI) Granules India Limited's Board of Directors had approved allotment of 14.9 per cent stake to Ridgeback Capital Investment.

US-based Ridgeback Capital Investment would invest around 5.6 million US Dollars in Granules India, which was a leading pharmaceutical formulation company.

The Granules would issue 22,11,200 equity shares of Rs 10 each fully paid up at Rs 105.50 per share (including premium) to Ridgeback Capital on their affiliates on a preferential basis, a company release here said.

The release also quoted Granules India Managing Director Krishna Prasad as saying "Ridgeback being a very well connected company in the US Pharma Industry, 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.

UNI