Stocks

Granules India jumps on stake sale buzz

V Rishi Kumar Hyderabad | Updated on September 25, 2020 Published on September 25, 2020

Can’t confirm or deny news, firm tells BSE

Shares of pharma company Granules India gained by about 4.2 per cent to close at ₹375.75 on the BSE today on news of potential stake sale.

The Hyderabad-based company ended at ₹375.75, up 4.20 per cent after it gaining nearly 4.5 per cent in early trade.

 

Some media reports stated that KKR, Bain Capital and Blackstone are in race for a majority stake in Granules and that Kotak Mahindra Capital has been engaged by the promoters to scout for buyers.

Priyanka Chigurupati, Executive Director, Granules Pharmaceuticals, said in a statement: “We communicate with many investors and evaluate many opportunities. As a public company, we will continue to comply with all disclosures as needed by the Securities Exchange Board of India.”

It later clarified to the BSE: “We hereby inform you that we do not confirm or deny the information contained in the aforementioned news article. If and when an event that requires a disclosure as per provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 occurs, we shall make necessary disclosures in accordance with the SEBI Listing Regulations.”

Pharma stocks have been gaining investors’ interest amidst the Covid pandemic on expectations that Indian companies will play a major role in post Covid world.

The company is engaged in the manufacture of Active Pharmaceutical Ingredients and is into Contract Research Manufacturing. Recent reports suggested that the company has revived plans for a potential stake sale.

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Published on September 25, 2020
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