InvestorQ : Is it true that Sun Pharma Advanced Research or SPARC has placed shares with promoters and big investors?
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Is it true that Sun Pharma Advanced Research or SPARC has placed shares with promoters and big investors?

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rhea Babu answered.
1 month ago
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Sun Pharma Advanced Research or SPARC is the contract research arm of the Sun Pharma group of Dilip Shanghvi. The company confirmed that it issued warrants worth Rs.1,201 crore to its promoter Dilip Shanghvi and a string of other marquee investors including RARE Enterprises owned by Rakesh Jhunjhunwala as well as another reputed investor, Ashish Maheshwari. The stock has been rallying sharply in the last few weeks.

SPARC will issue 6.74 lakh warrants in total and these would be convertible into shares over the next 18 months frame. The warrants are being issued at a price of Rs.178 per share, which represents a discount of 26% over the market price of Rs.241 as on the close of 12 May. Abakkus Growth Fund, owned by the former Reliance Mutual Fund CIO Sunil Singhania, will also participate in the issue in picking up a significant stake.

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