ISP investco picks up stakes in Granules

Mumbai, Apr 3 (UNI) Granules India private limited today announced the issue of 22.11 lakh equity shares of Rs 10 each to the US based investment advisor ISP investco.

The acquisition of the 14.9 percentage stakes in Granules will be on a preferential basis and also 'subject to the approval of the shareholders of the company,' a release issued here said.

ISP investco will invest around Rs 23.33 crore to acquire the stakes.

Granules had recently approved the allotment of 14.9 percentage of stakes to the US based private equity firm Ridgeback capital investment.

UNI