Sun Pharma Advanced Research Company Limited to issue 6,74,70,203 warrants

The board of director of Sun Pharma Advanced Research Company Limited, at its meeting held today i.e. May 12, 2021, considered and approved the proposal to issue upto 6,74,70,203 (Six Crores Seventy Four Lakhs Seventy Thousand Two Hundred and Three) warrants each convertible into, or exchangeable for, one equity share within the period of 18 (eighteen months) in accordance with the applicable law ("Warrants") at a price of ₹ 178/- (Indian Rupees One Hundred Seventy Eight Only) each (including the warrant subscription price and the warrant exercise price) aggregating upto ₹ 12,00,96,96,134/- (Indian Rupees Twelve Hundred Crores Ninety Six Lakhs Ninety Six Thousand One Hundred and Thirty Four Only) to Mr. Dilip Shantilal Shanghvi, Promoter of the Company and to certain other non-promoter group persons by way of preferential issue in accordance with the provisions of Section 42 and Section 62(1)(c) of the Companies Act, 2013, as amended ("Act") read with Companies (Prospectus and Allotment of Securities) Rules, 2014, as amended ("Rules"), Chapter V of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Listing Regulations and such other acts / rules / regulations as maybe applicable and subject to necessary approval of the members of the Company and other regulatory authorities, as maybe applicable ("Warrants Issue"). Upon issue of Warrants in accordance herewith, an amount equivalent to 25% (twenty five per cent) of the total issue size shall be called upfront from the proposed allottees.

The board approved proposal to hold the extra-ordinary general meeting of the members of the Company on Tuesday, June 8, 2021 through video conferencing and / or other audio visual means for seeking member's consent for Warrants Issue and decided to keep Tuesday, June 1, 2021 as the cut-off date for determining the eligibility of the members entitled to vote by remote e-voting at the ensuing extra-ordinary general meeting of the Company schedule to be held on Tuesday, June 8, 2021 through video conferencing and / or other audio visual means.

Shares of SUN PHARMA ADVANCED RESEARCH COMPANY LTD. was last trading in BSE at Rs.239.55 as compared to the previous close of Rs. 225.7. The total number of shares traded during the day was 426401 in over 11196 trades.

The stock hit an intraday high of Rs. 248 and intraday low of 222.45. The net turnover during the day was Rs. 101172020.

Source : Equity Bulls

Keywords