Date:23/11/2006 URL: http://www.thehindubusinessline.com/2006/11/23/stories/2006112303510200.htm

Back Granules India plans to raise authorised capital

Our Bureau

Hyderabad , Nov. 22

The city-based pharma company Granules India Ltd (GIL) plans to increase its authorised capital from Rs 200 crore to Rs 300 crore with a corresponding increase in equity shares of Rs 10 each from 20 crore to 30 crore.

The company, which has chalked out an ambitious growth plan, also wants to raise an amount not exceeding $20 million, including a green shoe option, if any, inclusive of such premium as determined by its board and subject to necessary provisions and approvals.

GIL has informed the BSE that an extra ordinary general meeting of the company's members will be held on December 4 to transact these issues, among others.

To raise the $20-million, the proposal was to offer, issue and allot either in India or in the course of international offering(s) in one or more foreign markets, such number of Global Depository Receipts (GDRs), American Depository Receipts (ADRs), Foreign Currency Convertible Bonds (FCCBs) and/or equity shares (through Depository Receipt Mechanism) and/or any other financial instruments convertible into equity shares or otherwise.

These could be in registered or bearer form and/or any security convertible into equity shares, securities linked to equity shares and/or securities with or without detachable warrants with right exercisable by the warrant holders to convert or subscribe to equity shares (securities) or any combination of securities, in one or more tranches, whether rupee or in foreign currency.

Another issue to be taken up relates to borrowing money from time-to-time whether in Indian rupees or foreign currency from different sources so that the total amount up to which the moneys may be borrowed by the board of directors and outstanding shall not exceed the sum of Rs 300 crore at any one time, subject to necessary provisions and approvals.