Granules India to raise 20 mn dollars
Pharmaceutical formulation intermediates manufacturer, Granules India on Wednesday said it will consider raising up to 20 million dollar though issue of securities in domestic and international markets.
By PTI |
MUMBAI: Pharmaceutical formulation intermediates manufacturer, Granules India on Wednesday said it will consider raising up to 20 million dollar though issue of securities in domestic and international markets.
In a communique to the Bombay Stock Exchange, Granules said an Extra Ordinary General Meeting (EGM) of the shareholders would be held on December 4, to consider the proposal of raising up to 20 million dollar through issue of Global Depository Receipts (GDRs), Foreign Currency Convertible Bonds (FCCBs) and equity shares.
The shareholders approval would also be sought on another proposal regarding the borrowing of up to Rs 300 crore by way of advances, deposits, loans, non convertible debentures and bonds, it added.
A proposal to increase the authorised share capital of the company to Rs 30 crore from Rs 20 crore would also be considered at the aforesaid meeting.
Recently, Granules India and China-based Hubei Biocause Heilen Pharmaceutical Company Ltd, (Biocause) had signed an MoU to create a 50:50 joint venture entity to manufacture and sell pharmaceutical APIs (Active Pharmaceutical Ingredients), starting with Ibuprofen.
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