Granules India Limited has informed the Exchange regarding allotment of 2,50,00,000 Convertible warrants pursuant to Preferential Issue at its meeting held on February 23, 2026.
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On the reaction day the stock moved 0.9 pts more than Nifty Smallcap 250 and 1.0 pts more than its Pharmaceuticals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Granules India allotted 2.5 crore convertible warrants at Rs. 585 per warrant to its promoter group (mainly Mrs. Chigurupati Uma Devi) and select non-promoter investors, along with 51,28,205 equity shares also at Rs. 585 to 360 ONE group of funds, aggregating Rs. 300 crores. Investors have already paid 25% (Rs. 365.625 crores) of the warrant consideration upfront, with the balance 75% payable within 18 months upon conversion. Promoter holding rises materially — Mrs. Chigurupati Uma Devi's stake goes from 3.81% to 12.51% assuming full conversion. The paid-up equity capital increases from Rs. 24.27 crore to Rs. 24.78 crore (Rs. 27.28 crore on a fully diluted basis if all warrants convert).
The preferential raise strengthens the balance sheet and shows strong promoter commitment, but will dilute existing shareholders by roughly 12% if all warrants are eventually converted. Participation by 360 ONE funds adds institutional validation, though the pricing at Rs. 585 (set as per SEBI floor price rule) means no premium to market is being charged.