SPARC board to consider rights issue to raise funds

Sun Pharma Advanced Research Company's (SPARC) board will consider rights issue to raise funds, at their meeting to be held on July 14.

"Committee of the Board of Directors shall be meeting on July 14, 2011, 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," SPARC said in a filing to the Bombay Stock Exchange (BSE).

However the committee shall not decide the ratio of rights share entitlements, the issue price and the record date for fixing the rights entitlement of shareholders, it added.

Sun Pharma Advanced Research Company said these issues will be decided in 'due course'.

SPARC was demerged from Sun Pharma as a pharma research and drug discovery company in 2007.

Shares of SPARC Ltd  were today trading at Rs 97 in the afternoon trade on BSE, up 0.31% from its previous close.