The company will issue 6.74 lakh warrants that can be converted to one equity share of the company over the next 18 months, a stock exchange filing by the company showed.
ThinkStock PhotosThe warrants are being issued at Rs 178 per share, which translated to a 26 per cent discount to the stock’s secondary market closing price of Rs 241
The company will issue 6.74 lakh warrants that can be converted to one equity share of the company over the next 18 months, a stock exchange filing by the company showed. “Upon issue of warrants in accordance herewith, an amount equivalent to 25% of the total issue size shall be called upfront from the proposed allottees,” the company said.
The warrants are being issued at Rs 178 per share, which translated to a 26 per cent discount to the stock’s secondary market closing price of Rs 241 on the National Stock Exchange on Wednesday.
Sun Pharma Advanced will issue 3.37 crore warrants to promoter Dilip Shangvi, who already held 10.72 per cent stake in the company at the end of the March quarter.
The company will issue 62.92 lakh warrants to Rekha Jhunjhunwala, wife of Rakesh Jhunjhunwala, 14.04 lakh warrants to Sunil Singhania’s Abakkus Growth Fund, and 84,269 warrants to Ashish Maheshwari.
Sun Pharma Advanced said that it will hold an extraordinary general meeting of its shareholders on June 8 to seek approval for the warrants issue.
Following is the list of other investors who have been allotted the warrants of the drug research company:
ThinkStock Photos
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