Granules India Promoter Sells 3.09% Stake for Rs 304 Crore

New Delhi, May 22 (PTI) Krishna Prasad Chigurupati, one of the promoters of Granules India, on Wednesday pared a 3.09 per cent stake in the company for Rs 304 crore through an open market transaction.

According to the block deal data available on the NSE, Krishna Prasad Chigurupati offloaded 75 lakh shares, amounting to a 3.09 per cent stake in Granules India.

The shares were disposed of at an average price of Rs 405.08 apiece, taking the deal size to Rs 303.81 crore, as per the data on the National Stock Exchange (NSE).

According to a regulatory filing on Wednesday, Granules India said the primary objectives of the deal was to clear personal debt, to release the existing pledge on his holding in the company, and creating a small personal liquidity.

"Chigurupati further notified the company that he has no plans to sell his shareholding in Granules India Ltd in the foreseeable future.

"Post this transaction, the total promoter & promoter group shareholding in the company has changed from 41.96 per cent to 38.87 per cent of the paid-up equity share capital of the company," the filing said.

Krishna Prasad Chigurupati's holding as a promoter has changed from 34.78 per cent to 31.69 per cent of the paid-up equity share capital of the company, it added.

Meanwhile, Axis Mutual Fund, Dendana Investments (Mauritius), Fidelity Funds India Focus Fund, Fidelity India Fund, Fidelity Korea - India Equity Investment Trust-Mother and Long Term Equity Fund were among the buyers of shares of Granules India.

Massachusetts Institute of Technology, and Mumbai-based Old Bridge Capital Management also picked up the shares of the company, as per the block data on the NSE.

Shares of Granules India rose 4.61 per cent to close at Rs 427.95 apiece on the NSE.