SPARC board to mull fund raising on 1 Sept

Sun Pharma Advanced Research Company (SPARC) said that its board will meet on Wednesday, 1 September 2021, to consider fund raising plans.

The company's board will evaluate various options or proposals for raising funds through any of the permissible modes, subject to the receipt of necessary approvals.

In May 2021, the company's board had 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.

The scrip rose 2.05% to currently trade at Rs 293.50. It fell 1.96% in the past two sessions.

On a year-to-date (YTD) basis, the stock has gained 51.26% while the benchmark Sensex has added 18.72% during the same period.

The company reported a net loss of Rs 61.37 crore in Q1 FY22 as against Rs 56.69 crore in Q1 FY21. Net sales declined by 88.14% YoY to Rs 21.99 crore during the quarter.

SPARC is a clinical stage bio-pharmaceutical company, It was formed in 2007 through a demerger from Sun Pharma, a global leader in speciality generics.

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