Sun Pharma Advanced Research Company (SPARC) will raise upto Rs 200 crore via rights issue. The company has received the board approval for the same at its meeting held on July 14, 2011. The committee of the board of directors has authorized further issuance of equity shares of Re 1 each of the company on rights basis to the shareholders.
Further, the ratio, price and premium would be decided by the lead managers to the proposed rights issue so that the funds raised by way of rights issue of shares is not more than Rs 200 crore. The record date for fixing the rights entitlement of shareholders to such rights issue will be decided later.
In 2007, SPARC was demerged from Sun Pharma as a pharma research and drug discovery company.
SPARC is engaged in the pharmaceutical research and development. The company’s core focus is innovation and new product development for global markets. SPARC undertakes projects in research and technology for new chemical entities (NCE’s) or new molecules, and novel drug delivery systems (NDDS).
