Sun Pharma Advanced Research Company Limited board approves raising funds of Rs. 1800 crores

The Board of directors of Sun Pharma Advanced Research Company Limited at its meeting held today has considered and approved seeking approval from the shareholders of the Company by passing an enabling special resolution at the ensuing Annual General Meeting of the Company, to authorize the Board to raise the funds by way of issuing equity shares, convertible warrants, preference shares / bonds / debentures / any other instruments whether convertible into equity or not, American Depository Receipts ("ADRs"), Global Depository Receipts ("GDRs"), Foreign Currency Convertible Bonds ("FCCBs"), or any other securities (hereinafter collectively referred to as "Securities") or combination of such Securities, in one or more tranches, by way of public / private offerings, qualified institutions placement, rights offering or any combination thereof or any other permissible mode in accordance with applicable laws, for an aggregate consideration of up to Rs.1,800 Crores (Rupees One Thousand Eight Hundred Crores Only) or in equivalent foreign currency, subject to regulatory approvals as may be required under the applicable laws.

The Board at the said meeting has also approved the increase in Authorised Share Capital of the Company from the present Rs.37,50,00,000/- (Rupees Thirty Seven Crore fifty Lakh only) divided into 37,50,00,000 (Thirty Seven Crores Fifty Lakhs) Equity Shares of Re. 1/- (Rupee One) each to Rs.42,50,00,000/- (Rupees Forty Two Crores fifty Lakhs only) divided into 42,50,00,000 (Forty Two Crores Fifty Lakhs) Equity Shares of Re. 1/- (Rupee One) each and thereby consequent alteration in the Memorandum of Association of the Company, subject to the approval of shareholders at the ensuing Annual General Meeting of the Company.

Shares of Sun Pharma Advanced Research Company Ltd. was last trading in BSE at Rs. 302.4 as compared to the previous close of Rs. 300.2. The total number of shares traded during the day was 76429 in over 1640 trades.

The stock hit an intraday high of Rs. 306.9 and intraday low of 296.95. The net turnover during the day was Rs. 23079484.

Source : Equity Bulls

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