 "Drug discovery co SPARC seeks Sebi nod for Rs 250-cr rights issue (spot)")
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.
