 "SPARC hits 52-week high; stock up 15% in two days")
Sun Pharma Advanced Research (SPARC) hit 52-week high of Rs 390, up 5% in intra-day trade, extending its Wednesday’s 10% rally on BSE.
Since July 13, the stock outperformed the market by surging 30% after the company allotted 15.15 million warrants to promoters’ group companies at a price of Rs 330 per share. By comparison, the S&P BSE Sensex was down 0.6% during the same period.
“The Securities Allotment Committee of the company allotted 15.15 million warrants at a price (including the warrant subscription price and the warrant exercise price) of Rs 330 each aggregating to Rs 500 crore on receipt of 25% upfront money by the Company,” SPARC said in a regulatory filing.
Each warrant is convertible into or exchangeable for one fully paid-up equity share of face value of Rs 1 of the Company on payment of the balance consideration i.e. 75% by the warrant holder at the time of allotment of equity shares pursuant to exercise of option against each such warrant, it added.
SPARC is an international pharmaceutical company engaged in research and development of drugs and delivery systems. Sun Pharma, the parent company, continues to invest independently in generic research, both for process development for API and formulation development for dosage forms.
Since July 13, the stock outperformed the market by surging 30% after the company allotted 15.15 million warrants to promoters’ group companies at a price of Rs 330 per share. By comparison, the S&P BSE Sensex was down 0.6% during the same period.
“The Securities Allotment Committee of the company allotted 15.15 million warrants at a price (including the warrant subscription price and the warrant exercise price) of Rs 330 each aggregating to Rs 500 crore on receipt of 25% upfront money by the Company,” SPARC said in a regulatory filing.
Each warrant is convertible into or exchangeable for one fully paid-up equity share of face value of Rs 1 of the Company on payment of the balance consideration i.e. 75% by the warrant holder at the time of allotment of equity shares pursuant to exercise of option against each such warrant, it added.
SPARC is an international pharmaceutical company engaged in research and development of drugs and delivery systems. Sun Pharma, the parent company, continues to invest independently in generic research, both for process development for API and formulation development for dosage forms.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%