SPARC board to meet next week to consider fund raising

Sun Pharma Advanced Research Company today said its board will meet next week to consider raising of funds via a rights issue.
A meeting of the company's board will be held on May 12, to consider in principle, the issue of equity shares of Re 1 each of the company by way of rights issue for raising the funds for the company, Sun Pharma Advanced Research Company Ltd (SPARC) said in a filing to the BSE.
As per the agenda for the meeting, the board would not decide about the ratio of rights share entitlements, the issue price and the record date for fixing the rights entitlement of shareholders during the meeting, it added.

The details of the issue will be decided in due course and accordingly the exchanges shall be informed in due course, the company said.
SPARC shares today ended at Rs 376.05 apiece on the BSE, down 3.32 per cent from previous close.