Sun Pharma Advanced Research Company Limited Board of Directors approves Rs. 1800 crore fundraising

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The Board of Directors of Sun Pharma Advanced Research Company Limited, at its meeting held today, considered and approved the Company’s shareholder approval request by passing a special enabling resolution at the annual general meeting of the company that followed, to authorize the board to raise funds through the issuance of shares, convertible warrants, preferred shares / bonds / bonds / any other instrument convertible or not into shares, American Depository Receipts (“ADR”), Global Depository Receipts (“GDR”), Foreign Currency Convertible Obligations (“FCCB”), or any other security (hereinafter collectively referred to as “Notes”) or combination of these Notes, in one or several tranches, by way of public / private offer, placement with qualified institutions, offer of rights or any combination thereof or any other mode authorized in accordance with applicable laws, for a aggregate portion up to Rs. 1,800 Crores (Rupees One Thousand Eight Hundred Crores only) or equivalent foreign currency, subject to regulatory approvals which may be required under applicable laws.

At said meeting, the board of directors also approved the increase of the authorized share capital of the company from the current 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 at Rs. 42.50,00,000 / – (Rupees Forty Two Crores fifty Lakhs only) divided into 42.50, 00,000 (Forty-two Crores Fifty Lakhs) Shares of Re. 1 / – (one rupee) each and therefore the amendment of the articles of incorporation of the company, subject to the approval of the shareholders at the annual general meeting of the ensuing society.

The shares of Sun Pharma Advanced Research Company Ltd. were last trading on BSE at Rs. 302.4 from the previous close of Rs. 300.2. The total number of shares traded during the day was 76,429 in more than 1,640 transactions.

The stock hit an intraday high of Rs. 306.9 and an intraday low of 296.95. The net turnover during the day was Rs. 23,079,484.


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