Sun Pharma hits new lifetime high

The board has approved the proposal of raising up to Rs 8,000 crore through domestic or international offerings.

Sun Pharmaceuticals Industries is trading higher by almost 4% at Rs 709, also its lifetime high market price on the National Stock Exchange.

Last week, the board of directors of pharmaceutical company has approved the proposal of raising up to Rs 8,000 crore through domestic or international offerings.

“The raising of funds would be at an appropriate time through domestic/ international offerings including to Indian or foreign institutional investors/foreign mutual funds/overseas corporate bodies/foreigners/other foreign parties/Indian financial institutions/ alternative investment funds/qualified institutional buyers etc,” Sun Pharmaceuticals said in a filing to the BSE.

The proposal would be put for shareholders’ approval during the annual general meeting scheduled on November 8, it added.

 

The stock opened at Rs 689 and hit a low of Rs 686 on the NSE. A combined 554,005 shares changed hands on the counter so far on both the exchanges.