ISP Investico picks up 18 per cent stake in Granuels India

By Staff
|
Google Oneindia News

Hyderabad, Apr 3 (UNI) Granuels India Ltd, a leading pharmaceutical formulation intermediates company with complete vertical integration today announced the issue of 22.11 lakh equity shares of Rs 10 each, fully paid-up at Rs 105.50 per share (including premium), to ISP Investico LLC, on a preferential basis at an Extraordinary General Meeting(EGM).

New Jersey-based Investment Advisor ISP Investco LLC would invest around Rs 23 crore in the company and hold 18 per cent stake in the company.

Recently, Granuels Board of Directors approved the allotment of 14.9 per cent stake to US-based private equity firm Ridgeback Capital Investment LLC. The company also recently entered into an outsourcing agreement with Matchland Pty Ltd of Australia.

The company posted one per cent rise in net turnover at Rs 50.21 crore for the second quarter ended December 31, 2006, compared to Rs 44.44 crore in the corresponding quarter in 2005.

UNI

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X