SPARC seeks shareholders nod to raise up to Rs 1,800 crore

Sun Pharma Advanced Research Company (SPARC) on Wednesday said it will seek shareholders' approval to raise up to Rs 1,800 crore through various modes, including issue of equity shares and securities.

The company proposes to raise the funds in one or more tranches, by way of public / private offerings, qualified institutional placement, rights offering or any other permissible mode, SPARC said in a regulatory filing.

The approval is being sought for raising funds for an aggregate consideration of up to Rs 1,800 crore or in equivalent foreign currency, SPARC said.

The company seeks shareholders' nod to raise the funds by way of issuing equity shares, convertible warrants, preference shares/ bonds /debentures /any other instruments whether convertible into equity or not, American Depository Receipts, Global Depository Receipts, Foreign Currency Convertible Bonds.

Shares of SPARC settled at Rs 302.45 per scrip on BSE, up 0.75 per cent from its previous close.