Investco picks up 14.9 percent stake in Granules

Investco picks up 14.9 percent stake in Granules

Granules India has announced the issue of 22.11 lakh equity shares of Rs 10 each, fully paid-up at Rs 105.50 per share (including premium), to ISP Investco on a preferential basis, subject to the approval of the shareholders of the company at an Extraordinary General Meeting. New Jersey-based investment advisor Investco will hold 14.9 percent stake in the company by investing around Rs 23.33 crore.

The Board of directors at granules has approved an allotment of 14.9 percent stake to US based private equity firm Ridgeback Capital Investment. The company has also recently entered into an outsourcing agreement with Matchland of Australia. Besides this, the company had posted 13 percent rise in net turnover at Rs 50.21 crore for the second quarter ended December 31, 2006, compared to Rs 44.44 crore in the corresponding quarter in 2005.