SPARC Board Proposes To Raise Rs 1,800 Crore

The board of Sun Pharma Advanced Research Co. has recommended raising of Rs 1,800 crore through issue of securities. The company will propose the fundraising for approval from shareholders at the upcoming annual general meeting.

The research company is looking to issue securities in one or more tranches through modes approved by the law, the company said in an exchange filing.

The company on Friday announced that its loss in the quarter-ended March widened to Rs 105.79 crore, as against Rs 81.99 crore in the same quarter last year. It reported a revenue from operations of Rs 16.56 crore during the quarter, in comparison with Rs 47.69 crore reported in the year ago period.

The board has approved the appointment of Anup Rathi as the Chief Financial Officer and key managerial personnel with effect from June 6, on the recommendation by Nomination and Remuneration Committee. Rathi will be taking over for Chetan Rajpara, the current CFO.

Shares of SPARC closed 5% higher at Rs 223.65 apiece, as compared with a 0.05% decline in the Nifty 50.