SPARC board approves rights issue, to raise up to Rs 200 cr

NEW DELHI: Sun Pharma Advanced Research Company ( SPARC) today said its board has approved rights issue to raise funds upto Rs 200 crore.

In a filing to the Bombay Stock Exchange (BSE), the company said the Committee of the Board of Directors has authorised further issuance of equity shares of Re 1 each of the company on rights basis to the shareholders.

It, however, said the ratio, price and premium would be decided by "the lead managers to the proposed rights issue so that the funds raised by way of rights issue of shares is not more than Rs 200 crore".

The record date for fixing the rights entitlement of shareholders to such rights issue will be decided later, it added.

SPARC was demerged from Sun Pharma as a pharma research and drug discovery company in 2007.

Shares of SPARC Ltd were trading at Rs 97 in the afternoon trade on BSE, up 0.73 per cent from its previous close.