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Our Bureau

Hyderabad April 3 Granules India Ltd (GIL), a Hyderabad-based pharma company, has divested 13 per cent stake to US-based ISP Investco.

The company issued 22.11 lakh equity shares of Rs 10 each, fully paid up at Rs 105.50 per share (including premium), on preferential basis to the New Jersey-based company. The board of directors of Granules India, which met today, approved the deal.

ISP Investco will invest up to $5 million for its stake. The development comes on the heels of GIL offloading about 14.5 per cent equity to Ridgeback Capital Investments, a US-based pharma and healthcare fund, for about $5 million.

Granules India, a formulation intermediates company, had taken EGM nod to raise $20 million through FCCBs or other instruments a few months back for funding expansion projects and foreign acquisitions.

"We have now raised approximately $10 million through the two strategic investors," Mr C. Krishna Prasad, Managing Director, told Business Line.

He is also company's main promoter and holds around 38 per cent equity.

"Our strategy is to get investors who would bring value to the company. While Ridgeback is a focused pharma and healthcare fund, ISP Investco speicalises in innovative excipients for the pharma sector and has a worldwide reach with 6,000 customers in 90 countries," he said.

In GIL's pursuit of developing new drug delivery systems, ISP Investco can be a strong partner.

More Stories on : Mergers & Acquisitions | Pharmaceuticals

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