The board of director of Sun Pharma Advanced Research Company Ltd on Wednesday approved a proposal to raise up to ₹1,200.97 crore to Dilip Shantilal Shanghvi, Promoter of the company and to 34 other non-promoter group persons, including Rekha Jhunjhunwala, Authum Investment, University of Notre Dame DU Lac, Cohesion Investment (Cayman), Ashish Maheshwari and Abakkus Growth Fund, by way of preferential issue.
The board has approved to issue up to 6.75 crore warrants each convertible into, or exchangeable for, one equity share within the period of 18 months at ₹178 each.
Shares of SPARC jumped 6.14 per cent at ₹239.55 on the BSE.