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Granules India to divest entire stake in Chinese JV

Capital Market 

Granules India said it will divest its entire stake in overseas joint venture company situated in China.

Granules India has entered into an agreement with Hubei Biocause Heilen Pharmaceutical Co., joint venture partner, for sale of 3.30 crore equity shares of 1 renminbi (RMB) each fully paid-up held by the company in Granules-Biocause Pharmaceutical Co. for a consideration of RMB 109 million.

Conclusion of this transaction is subject to fulfillment of certain closing conditions as well as applicable regulatory approvals. The announcement was made after market hours yesterday, 13 December 2019.

Shares of Granules India rose 1.20% to Rs 131 on Friday.

In the past one month, Granules India gained 5.56% to its previous day's closing price at Rs 131.

Granules India's consolidated net profit soared 59% to Rs 95.79 crore on 20.4% jump in net sales to Rs 699.53 crore in Q2 September 2019 over Q2 September 2018.

Granules India is a pharmaceutical company with presence across the pharmaceutical manufacturing value chain, including active pharmaceutical ingredients (APIs), pharmaceutical formulation intermediaries (PFIs) and finished dosages (FDs).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, December 14 2019. 14:17 IST