SPARC board approves Rs 250 crore rights issue

Sun Pharma Advanced Research Company (SPARC) said on Wednesday the rights issue committee of its board has approved raising over Rs 249.99 crore.

Rights issue committee of director, authorised by board of directors, has approved the allotment of 1,02,04,081 fully paid-up equity shares of face value of Re 1 each at a price of Rs 245 per equity share... issued on a Right basis, SPARC said in a filing to BSE.

The company , had filed draft papers on September 18, 2015, seeking clearance from Sebi to raise funds through rights issue and obtained the approval on January 22.

In a rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio. The proceeds of the issue will be utilised for meeting costs related to pharmaceutical research and development, clinical trials and for other general corporate purposes, the company had earlier said. Scrip of SPARC closed at Rs 308.15 on BSE, up 1.57 per cent from the previous close.