Hyderabad: The promoters of Granules India have sold 50 lakh shares to a group of investors in a block deal on the stock exchanges, to mobilise about Rs 50 crore. In addition to it, the promoters are also monetising personal assets worth up to another Rs 50 crore, which is expected to be complete shortly.
The funds raised through these transactions will be used to reduce promoter leverage by up to Rs 100 crore and which will subsequently bring down the promoters pledged position to around 30 per cent from current level of 54 per cent.
This is in line with their commitment given on Q3FY19 earnings call to reduce the pledge continuously and make it pledge free within two years. The promoters also reduced some amount of their personal loan in the month of December 2018, which enabled the reduction of from their highest point of pledge of 60 per cent to current level of 54 per cent.
This step has been taken after due consultation with all sets of stakeholders, and to address the concerns related to promoter pledge.