Drug discovery firm Sun Pharma Advanced Research Company (SPARC) plans to raise up to Rs 250 crore through a rights issue.
"The Board of Directors of the Company at its meeting held on May 12, 2015, authorised the further issuance of equity shares of Re 1 each of the company, on rights basis to the shareholders of the company...The funds raised by way of right issue of shares is not more than Rs 250 crore," SPARC said in a filing to the BSE.
It further said that the issue price and record date for fixing the entitlement of shareholders for the right issue would be informed in due course.
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Sun Pharma Advanced Research Company was demerged from Sun Pharma as a pharma research and drug discovery company in 2007.
Shares of SPARC closed at Rs 379.50 per scrip on the BSE, down 4.05 per cent from the previous close.
