Sun Pharma Advanced Research Company (SPARC), a clinical-stage biopharmaceutical company, has received board approval to raise up to Rs 1,800 crore. SPARC got the board’s approval to raise the funds through various modes including the issuance of equity, convertible warrants, preference shares, bonds and debentures, according to exchange filings.

Though the purpose for the fund-raise was not disclosed. In its meeting, SPARC’s board also approved increasing the company’s authorised share capital to Rs 42.50 crore from the present Rs 37.50 crore.

The proposals are subject to regulatory and shareholder approvals. Earlier in July, SPARC raised about Rs 1,112 crore by issuing warrants to its promoters Dilip Shanghvi and others.

SPARC is a clinical-stage biopharmaceutical company formed in 2007 through a demerger from speciality generics firm Sun Pharmaceutical Industries.