Granules India gets board nod to raise foreign limit to 49 percent

New Delhi: Drug firm Granules India on Wednesday said its board has approved a proposal to increase the foreign investment limit in the company to 49 per cent.

The board of directors has agreed to increase the present limit of FII/FPIs shareholding in the company to 49 per cent of the total paid up equity share capital, Granules India said in a BSE filing.

However, it said, the decision would be subject to shareholders' approval.

As on March 31, 2017, the FPI holding in the company stood at 9.98 per cent. Other foreign nationals owned 0.06 per cent.