Granules India promoter sells 1.72 crore shares worth Rs 1,500 crore; Goldman Sachs, BNP Paribas among investors

Granules India promoter Krishna Prasad Chigurupati sold 1.72 crore shares worth about Rs 1,500 crore through block and open-market deals, marking one of the largest share sales in the company's history. The sale funds the second tranche of a preferential issue, while promoter holding falls to 31.08% following the transaction today. This move comes amid growing investor interest in Indian pharmaceutical companies, with several foreign investors including Goldman Sachs and BNP Paribas participating in the sale. The company's share price has seen significant volatility in recent months, with some analysts attributing the fluctuations to the impact of the COVID-19 pandemic on the pharmaceutical sector. Granules India is one of the largest vaccine manufacturers in India, with a growing presence in the global market. The company's decision to dilute its promoter holding through this sale is seen as a strategic move to attract more institutional investors and strengthen its financial position.