Sun Pharma Advanced Research Co Ltd, a clinical stage bio-pharmaceutical company, on Wednesday said that it will issue warrants worth Rs 1,200 crore ($163 million) to its promoter Dilip Shantilal Shanghvi and non-promoter groups including Rekha Jhunjhunwala, the wife of ace investor Rakesh Jhunjhunwala.
The other non-promoter groups to which the warrants will be issued are companies such as Authum Investment & Infrastructure Ltd and Enam Securities Pvt Ltd, as per a stock market disclosure. Other groups include individuals such as Amit Goela, Amal N Parikh and Arun Nahar.
As part of the transaction, Sun Pharma Advanced Research will issue 67.47 million warrants that will be convertible or exchangeable for one equity share within a period of 18 months.
The warrants will be issued at a price of Rs 178 per share.
“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,” Sun Pharma Advanced Research said.
The company will hold an extra-ordinary general meeting on June 8, to seek consent for the warrants issue.
Sun Pharma Advanced Research was formed in 2007 through a demerger from Sun Pharmaceuticals.