Sun Pharma Advanced Research Company (SPARC), a clinical stage bio-pharmaceutical company, has received board approval to raise up to Rs 1,800 crore. SPARC got the board’s approval to raise the funds through various modes including issuance of equity, convertible warrants, preference shares, bonds and debentures. The company intends to issue the securities in one or more tranches, the company said in a filing on the BSE.
The purpose for the fund-raising was not immediately disclosed. In its meeting on Wednesday, SPARC’s board also approved increasing the company’s authorised share capital to Rs 42.50 crore from the present Rs 37.50 crore.
The proposals are subject to regulatory and shareholder approvals. Earlier in July, SPARC raised about Rs 1,112 crore by issuing warrants to its promoters Dilip Shanghvi and others.
SPARC is a clinical stage bio-pharmaceutical company formed in 2007 through a demerger from speciality generics firm Sun Pharmaceutical Industries.
Ahead of the announcement, the company’s shares closed up 0.75% at Rs 302.45 on the BSE.