Granules India surges 7% post co promoters sell shares worth Rs 50cr

The promoters are also monetizing personal assets worth up to another Rs 550 crore, which is expected to be complete shortly.

Shares of Granules India surged 7 percent intraday Friday after company's promoter some stake to a group of reputed investors in a block deal.

The promoters of Granules India sold 50 lakh shares to a group of reputed investors in a block deal on the stock exchanges, to mobilize about Rs 50 crore.

In addition to it, the promoters are also monetizing personal assets worth up to another Rs 550 crore, which is expected to be complete shortly.

The funds raised through these transactions will be used to reduce promoter leverage by up to Rs 100 crore and which will subsequently bring down the Promoters pledged position to around 30 percent from current level of 54 percent, company said in a release.

At 11:01 hrs Granules India was quoting at Rs 108.60, up Rs 4.80, or 4.62 percent on the BSE.

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