Granules India board approves raising funds up to ₹1,760 crore; Details here

The board of Granules India Ltd. has approved plans to raise up to ₹1,462.50 crore through the issuance of convertible warrants. The company will raise the funds by issuing 2.50 crore convertible warrants at a price of ₹585 per warrant.

In addition, the board has approved raising up to ₹300 crore through the issuance of 51.28 lakh equity shares at ₹585 per share. These shares will be allotted to investors across various non promoter categories.

Separately, the company announced earlier on Monday that its wholly owned subsidiary, Granules Pharmaceuticals Inc., has received tentative approval from the US drug regulator for a key product. The US Food and Drug Administration has granted tentative approval for the company's abbreviated new drug application for Amphetamine Extended Release Orally Disintegrating Tablets.

The approval covers strengths of 3.1 mg, 6.3 mg, 9.4 mg, 12.5 mg, 15.7 mg and 18.8 mg. The product is the generic equivalent of Adzenys XR ODT and is used to treat attention deficit hyperactivity disorder.

The tablets will be manufactured at Granules' facility in Chantilly, Virginia, in the US. According to the company, the product has an estimated market size of around $172 million, based on IQVIA data for the 12 month period ended November.

Shares of Granules India Ltd. were trading 0.058% lower at ₹600.40. The stock is largely flat on a year-to-date basis.