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SPARC advances on filing draft paper to raise up to Rs 250 crore through rights issue

23 Sep 2015 Evaluate

SPARC is currently trading at Rs. 389.30, up by 2.15 points or 0.56% from its previous closing of Rs. 387.15 on the BSE.

The scrip opened at Rs. 387.10 and has touched a high and low of Rs. 392.40 and Rs. 382.05 respectively. So far 56386 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 598.00 on 10-Mar-2015 and a 52 week low of Rs. 171.00 on 17-Dec-2014.

Last one week high and low of the scrip stood at Rs. 404.75 and Rs. 370.95 respectively. The current market cap of the company is Rs. 9218.97 crore.

The promoters holding in the company stood at 67.13% while Institutions and Non-Institutions held 7.29% and 25.58% respectively.

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.


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