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Sun Pharma Advanced Research Company (SPARC) has got the market regulator SEBI’s consent for raising funds up to Rs 250 crore through a right issue.
The company had filed draft papers on September 18, 2015 and was seeking clearance from SEBI for raising funds via rights issue and obtained the approval on January 22.
The company, as per draft papers filed with Securities and Exchange Board of India (Sebi), will issue equity shares “aggregating up to Rs 25,000 lakhs to our existing equity shareholders on a rights basis.”
The proceeds of the issue is going to be utilised to meet costs related to pharmaceutical research and development, clinical trials and for other general corporate purposes.
