Sun Pharma Advanced Research Company (SPARC) has filed draft papers with markets regulator Securities and Exchange Board of India (SEBI) to raise up to Rs 250 crore through a rights issue. Ernst & Young Merchant Banking Services, Inga Capital are the lead managers to the issue.
The company will issue equity shares aggregating up to Rs 25,000 lakh to its existing equity shareholders on a rights basis. The proceed of the issue will be utilized for meeting costs related to pharmaceutical research and development, clinical trials and for other general corporate purposes.
Sun Pharma Advanced Research Company is an international pharmaceutical company engaged in research and development of drugs and delivery systems.
