Granules India Ltd promoters off loaded 50 lakh shares for ₹ 50.54 crore to a group of investors in a block deal on the stock exchanges.
In a release issued here on Friday. Hyderabad-based tablet-maker said the promoters were also monetising personal assets worth up to another ₹ 50 crore which is expected to be completed shortly.
``The funds raised through these transactions will be used to reduce promoter leverage by up to ₹ 100 crore. This will subsequently bring down their pledged position to around 30 per cent from current level of 54 per cent,’’ the company said.
There was a commitment given by the promoters on Q3 FY19 earnings call to reduce the pledge continuously and make it pledge-free within two years.
They also reduced some amount of their personal loan in December 2018, which brought down pledge from 60 per cent to current level of 54 per cent.
The stake of promoter, Krishna Prasad Chigurupati, Chairman and Managing Director, Granules India, was at 37.49 per cent before the sale and it came down to 35.53 per cent post share sale.
The promoters ``strongly reiterate’’ their conviction in the company’s future prospects. ``Granules had started its growth momentum from the current financial year having witnessed three consecutive strong quarters with high double digit growth in profits,’’ the release said.
Granules scrip surged 6.79 per cent to end at ₹ 110.85 on the BSE on Friday.