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Our Bureau

Hyderabad, Nov. 10

Granules India Ltd (GIL), the Hyderabad-based granulation company, would raise funds to the tune of $20 million for its expansion programme.

The company has decided to raise the funds through the issue of convertible securities / GDRs / ADRs / FCCBs. A decision to this affect was taken by its board of directors at its meeting held on Thursday, GIL informed the stock exchanges. Subject to the approval of shareholders of the company, the funds thus raised would be used for the recent acquisition of a Chinese company for manufacturing Ibufren; raise the capacity of the tablet manufacturing plant here as well as for formulation development and increased API capacity.

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