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Sun Pharma Advanced Research Company has informed the exchanges that the rights issue committee on Wednesday approved the allotment of 1.02 crore fully paid-up equity shares at ₹245 an equity share on right basis. The shares have been allotted to all the eligible applicants who had subscribed with valid application forms. Through the issue, the company raised ₹250 crore by allotting shares in the ratio of 5:116 (five equity shares for every 116 equity shares held on the record date of March 17). The proceeds of the issue will be used to meet costs related to pharmaceutical research and development, clinical trials and for other general corporate purposes. Shares of SPARC gained 1.3 per cent at ₹308.05 on the NSE.
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