Granules India on Tuesday said its board has approved a proposal to raise up to Rs 1,462 crore through the issuance of warrants on a preferential basis, according to a regulatory filing.
The pharmaceutical company stated that the fundraise will be carried out through the issue of up to 2.5 crore warrants at an issue price of Rs 585 per warrant. Each warrant will be convertible into one equity share of the company, subject to the terms and conditions laid out under applicable regulations.
The proposed issuance will be undertaken in compliance with the provisions of the Companies Act, 2013, the SEBI (Issue of Capital and Disclosure Requirements) Regulations, and other relevant statutory requirements. The allotment of warrants will also be subject to shareholder approval and other necessary regulatory clearances.
Granules India indicated that the funds raised through this route will be utilised in line with the company’s growth plans, including strengthening its balance sheet and supporting future business requirements, as approved by the board.
Following the board’s approval, the company will initiate the process of seeking shareholders’ consent through the prescribed mechanisms. Further details regarding the allotment, including the identity of proposed allottees and timelines for conversion, will be communicated separately.
Granules India’s announcement comes at a time when several listed companies are tapping capital markets to fund expansion plans and maintain financial flexibility amid evolving market conditions.
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