 "Drug discovery co SPARC seeks Sebi nod for Rs 250-cr rights issue (spot)")
Shares of Dilip Shanghvi-led Sun Pharma's subsidiary Sun Pharma Advanced Research Co. (SPARC) has surged 3.5% and are quoting at Rs 290 on the BSE after it received market regulator Securities and Exchange Board of India’s (Sebi) nod to raise up to Rs 250 crore via rights issue.
SPARC had filed draft papers on 18 September 2015 seeking clearance from Sebi to raise funds via rights issue. It obtained the approval on 22 January, 2016.
Meanwhile, shares of its parent company Sun Pharma has surged nearly 2% and are quoting at Rs 282 on the BSE. Also, reports suggest that Sun Pharma received tentative approval for Lurasidone Hydrochloride by the US Food and Drug Administration (USFDA). The drug is used to treat certain mental disorders such asschizophrenia, depression associated with bipolar disorder.
Meanwhile, shares of its parent company Sun Pharma has surged nearly 2% and are quoting at Rs 282 on the BSE. Also, reports suggest that Sun Pharma received tentative approval for Lurasidone Hydrochloride by the US Food and Drug Administration (USFDA). The drug is used to treat certain mental disorders such asschizophrenia, depression associated with bipolar disorder.
SPARC opened at Rs 282 and touched a high of Rs 289 whereas Sun Pharma opened at Rs 817 and touched a high of Rs 822 on the BSE, respectively.
