‘Not selling company to PE investors; reports false, malicious’: Granules India clarifies 

Granules India, known for manufacturing drugs like Ibuprofen and Paracetamol, said on Monday that reports that the company has been sold to private equity investors are false. The pharma company said in a BSE filing that the management remains committed to the growth of the company.

“This is to bring to your notice that there were certain messages floating in social media on Friday, 9th July 2021 that the Company is being sold to some PE investors. We would like to deny these messages as they are utterly false and malicious. The management continues to remain committed to the growth of the Company. This is for your information and dissemination to the members of the exchange,” it clarified.

The clarification comes after reports circulated on social media on Friday that the management is selling the company to PE investors. Reports suggested that BNP Paribas Arbitrage acquired 28,56,834 equity shares in the company for Rs 352.27 per share. Shares of Granules India jumped over 7 per cent to Rs 366.4 per share on BSE on Friday.

Granules India opened 2 per cent higher at Rs 373.90 today. However, it shed all early gains soon after the market opening and slipped in the red. The share stands higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200 day moving averages. The stock has gained 56 per cent in the last one year and risen 4 per cent since the beginning of this year.

Based in Hyderabad, the company exports nearly 60 per cent of their revenue to the US and Europe, according to Granules. The company manufactures active pharmaceutical ingredients (APIs), pharmaceutical formulation intermediaries (PFIs) and finished dosages. The company has its presence in more than 75 countries and also focuses on research and development. It has seven manufacturing sites.

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