Granules pledges 3.6 cr shares

Hyderabad: City-based pharma player Granules Limited on Thursday informed the bourses that its promoter Krishna Prasad Chigurupati and promoter group company Tyche Technologies Pvt Ltd have pledged 3,59,89,470 shares of the company with IDBI Trusteeship Services Ltd (ITSL) on February 22, 2017, (Wednesday) to repay its entire existing debt.
While Krishna Prasad Chigurupati has pledged 2,84,38,470 shares, promoter group company Tyche Technologies Pvt Ltd has pledged another 75,51,000 shares to ITSL, which is a debenture trustee for the benefit of KKR (the lender/investor).As a debenture trustee, ITSL will only hold the pledged shares as security and will not trade them. “The total pledge of 3,59,89,470 shares...is for the purpose of raising funds through debt for the repayment of all the existing loans and to meet the fund requirement for conversion of the outstanding warrants issued to Tyche Technologies Pvt Ltd by Granules India Ltd in 2015. This will enable us to get release of the pledge of 3,21,19,510 equity shares given to the existing lenders by the promoter group,” Chigurupati informed the bourses. Chigurupati holds 7,16,79,610 equity shares or 32.40% of the total share capital of the company, of which 4,82,93,470 shares have been pledged by him.