SPARC to raise Rs 1,200 cr; issue warrants to promoter Dilip Shanghvi, others

Sun Pharma Advanced Research Company (SPARC) plans to raise up to Rs 1,200 crore by way of issuing warrants to the company's promoter Dilip Shanghvi and other entities.

The proposal was approved by the company's board during its meeting held on Wednesday, according to a regulatory filing.

As per the filing, the board considered and approved issuing ''up to 6,74,70,203 warrants each convertible into, or exchangeable for, one equity share within the period of 18 months at a price of Rs 178 each'' to Dilip Shantilal Shanghvi, promoter of the company and to certain other non-promoter group persons.

These warrants -- aggregating up to Rs 12,00,96,96,134 -- would be allotted by way of a preferential issue.

Upon issue of warrants, an amount equivalent to 25 per cent of the total issue size shall be called upfront from the proposed allottees, the filing said.

Shares of SPARC on Wednesday rose 6.14 per cent to close at Rs 239.55 apiece on the BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)