Granules India shareholders approve Auctus acquisition

Tags: News
Granules India, a city-based pharmaceutical manufacturer, said its shareholders have approved proposed acquisition of Auctus Pharma, a manufacturer of Active Pharmaceutical Ingredients (APIs).

The proposal was approved at the extraordinary general meeting on Friday, the drug maker said in a filing with BSE.

The shareholders also gave approval to increase the borrowing power limit of the Board of Directors to Rs 750 crore.

Though both the companies have not revealed financial details about the transaction, the filing with BSE indicated that the acquisition cost is Rs 102 crore.

The acquisition process is expected to be completed in the next three to six months, a release from Granules India has said.

Auctus has two manufacturing facilities, an API facility at the Pharmacity in Visakhapatnam and an intermediate facility in Hyderabad. The API facility has approvals from leading regulatory agencies including the US FDA, EDQM, Health Canada, KFDA and WHO-GMP, a Granules press release had said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Amit Shah deserved to be crowned President of India, some say

    The Bharatiya Janata Party is now firmly in the hands of Modi’s alter ego, which in plain English means ‘another side of oneself, a second self’

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Necessary yet inadequate boost to education

The finance minister, in the very first minutes of his ...

Zehra Naqvi

We must overcome the fear of death

It is the biggest irony that the only thing that’s ...

Dharmendra Khandal

Jawai leopards and locals can coexist peacefully

At first glance, the Jawai landscape seems like a large ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture