SPARC raises over Rs 1,110 cr; issues warrants to promoter Dilip Shanghvi, others

NEW DELHI: Sun Pharma Advanced Research Company (SPARC) on Thursday said it has raised over Rs 1,112 crore by way of issuing warrants to the company's promoter Dilip Shanghvi and other entities.

"The securities allotment committee of the board of directors of the company, has considered and approved the allotment of 6,24,74,082 warrants on preferential basis at an issue price of Rs 178 each aggregating to Rs 1,112.03 crore to Dilip Shantilal Shanghvi, promoter of the company and to certain other non-promoter persons/ entities," SPARC said in a regulatory filing.

The issue price includes the warrant subscription price (Rs. 44.50 per warrant) and the warrant exercise price (Rs. 133.50 per warrant).

The company had initially planned to raise Rs 1,200 crore.

"As against the approval for issue of 6,74,70,203 warrants, the committee has allotted only 6,24,74,082 warrants, due to, non-receipt of warrant subscription money by the proposed allottees and / or non- receipt of in-principle approval from the stock exchanges on some warrants," the company added.

The company said it has issued 3,37,07,865 out of the total 6,24,74,082 warrants to Shanghvi. Shares of SPARC were trading 2.42 per cent higher at Rs 252.30 apiece on BSE.