The drug discovery firm Sun Pharma Advance Research Company aiming to raise up to Rs 250 crore through right issue.

SPARC in a BSE filing said, “The Board of Directors of the Company at its meeting held on May 12, 2015, authorised the further issuance of equity shares of Re 1 each of the company, on rights basis to the shareholders of the company the funds raised by way of right issue of shares is not more than Rs 250 crore.”

The issue price and record date for fixing the entitlement of shareholders for the right issue would be informed in due course it added.

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