Granules India jumps on buzz PE firm eyes stake

Granules India rose 3.81% to Rs 428.15 after the media reported that private equity firm Carlyle group is in advanced talks to acquire the pharmaceutical firm for around $1 billion.

Shares of Granules India lost 1.49% in the previous three session. The stock hit a 52-week high of Rs 438 in intraday today.

According to reports, Carlyle is expected to buy promoter shares which will trigger an open offer to acquire additional stake from others.

With reference to media reports quoting, "Granules India shares hit 52-week high as global equity firms eye controlling stake," Granules India had issued a clarification in September this year. "We do not confirm or deny the information contained in the aforementioned news article. If and when an event that requires a disclosure as per Sebi provisions, we shall make necessary disclosures in accordance with the SEBI Listing Regulations," the company stated.

Granules India is a pharmaceutical manufacturing company. The company produces Finished Dosages (FDs), Pharmaceutical Formulation Intermediates (PFIs) and Active Pharmaceutical Ingredients (APIs) which gives the customers flexibility and choice.

The pharma company reported 70.8% jump in consolidated net profit to Rs 164 crore on a 22.7% rise in income from operations to Rs 858 crore in Q2 FY21 over Q2 FY20.

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