Pharmaceutical company Granules India on Monday said the reports floating on social media about the company being sold to private equity (PE) investors are "utterly false and malicious".

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"This is to bring to your notice that, there were certain messages floating in social media on Friday, 9th July 2021 that the Company is being sold to some PE investors. We would like to deny these messages as they are utterly false and malicious," the company said in a National Stock Exchange (NSE) filing.

The management continues to remain committed to the growth of the company, it added.

Granules India Limited is an Indian pharmaceutical manufacturing company involved in the manufacturing of drugs like Ibuprofen, Paracetamol, Guaifenesin, and Metformin. It is based out of Hyderabad and explores nearly 60 percent of its revenue to Europe and the United States.

On Friday, there were some messages floating on social media about the management selling company to the PE investors. The company on Monday rebuked the reports, adding management remains committed to the growth of the company.

According to bulk deals data, BNP Paribas Arbitrage acquired 28,56,834 equity shares in the company at Rs 352.27 per share. On Friday, Granules' shares closed over 7 percent higher to Rs 366 on BSE.

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