Granules India Promoter Pares Stake For Rs 303 Crore
The promoter sold 75 lakh shares, representing 3.09% stake, for Rs 405.08 per share, according to block deal data on the NSE.
![<div class="paragraphs"><p>Granules India Ltd.'s manufacturing unit in Hyderabad. (Source: Company website)</p></div>](https://media.assettype.com/bloombergquint%2F2023-12%2F59fb7c9e-9962-4ee8-9b02-e54d8c084230%2FGranules_India_Ltd__s_manufacturing_unit_in_Hyderabad___Source_Company_website_.png?rect=0%2C0%2C702%2C395&auto=format%2Ccompress&w=200)
Krishna Prasad Chigurupati, the promoter of Granules India Ltd., offloaded 3.09% stake in the company for Rs 303.81 crore via open market transactions on Wednesday.
The promoter sold 75 lakh shares, representing 3.09% stake, for Rs 405.08 per share, according to block deal data on the NSE. Chigurupati held 34.46% stake in the company, as of March 2024, according to BSE data.
On the other hand, Massachusetts Institute of Technology on Wednesday bought 1.06% stake, comprising 25.93 lakh shares; and Axis Mutual Fund mopped up 25.26 lakh shares, representing 1.04% stake for Rs 405.1 per share.
Fidelity Funds India Focus Fund was among the other buyers.
According to BSE data, Fidelity Funds India Focus held 2.61% stake in the company, as of March 2024. Fidelity Funds-Asian Small Companies Pool also held 1.51% stake in the pharma company.
Shares of Granules India closed 4.33% higher at Rs 426.80 apiece on Wednesday, as compared with a 0.31% rise in the benchmark NSE Nifty.