SPARC’s Rs 250-crore rights issue to open on March 28

By: |
March 15, 2016 12:23 PM

The proceeds of the issue will be utilised for meeting costs related to pharma research and development

The proceeds of the issue will be utilised for meeting costs related to pharma research and development

Drug discovery firm Sun Pharma Advanced Research Company (SPARC) said its Rs 250 crore rights issue will open on March 28.

“Rights Issue Committee has finalised issue opening and closing dates. The issue opens on March 28, 2016 and closes on April 11, 2016, SPARC said in a filing to the Bombay Stock Exchange.

The company, which filed draft papers on September 18, 2015 seeking clearance from Sebi to raise funds through rights issue, had obtained the approval on January 22 this year.

In a rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.

The proceeds of the issue will be utilised for meeting costs related to pharmaceutical research and development, clinical trials and for other general corporate purposes, the company had said.

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