Sun pharma advanced research co has issued a corrigendum dated January 29, 2026, to its Extra-Ordinary General Meeting (EGM) notice, addressing observations from the National Stock Exchange of India Limited and providing additional clarity to shareholders ahead of the scheduled meeting.

EGM Details and Regulatory Compliance

The corrigendum pertains to the EGM notice originally dated January 14, 2026, which was dispatched on January 16, 2026. The company received observations from NSE through their letter dated January 27, 2026, pursuant to the In-Principle Approval Application filed by the company. The EGM is scheduled for Monday, February 9, 2026 at 4:00 p.m. (IST) through Video Conferencing and Other Audio-Visual Means.

The corrigendum forms an integral part of the original EGM notice and must be read in conjunction with it. All other contents of the EGM notice remain unchanged except for the modifications and supplements provided in the corrigendum.

Shareholding Pattern Clarification

The corrigendum provides detailed clarification on the company's equity share capital structure, specifically addressing Paragraph 5 of Item No. 1 of the Explanatory Statement. The shareholding pattern is presented with data as of January 14, 2026:

Capital Structure Details

The company has provided comprehensive details about its share capital structure based on the Reconciliation of Share Capital Audit filed for the December 2025 quarter:

The differences between these figures are attributed to specific historical events, including shares kept under abeyance from the May 5, 2007 allotment and share forfeitures that occurred on July 24, 2015.

Publication and Dissemination

The corrigendum will be published in Financial Express (English) and Financial Express Ahmedabad Edition (Gujarati) on January 30, 2026. It will also be made available on the websites of BSE Limited and National Stock Exchange of India Limited, as well as on the company's website. The document will be circulated to members through electronic means to ensure adequate dissemination before e-voting commences.

The company has confirmed that there is no change to the proposed size, pricing, or structure of the Warrants Issue mentioned in the original EGM notice. The post-issue shareholding pattern assumes full conversion of all warrants into equivalent equity shares.

Sun Pharma Advanced Research Company Limited has announced an Extraordinary General Meeting (EGM) scheduled for February 9, 2026, to consider significant corporate actions including a substantial convertible warrant issue and employee stock option scheme.

Convertible Warrant Issue Details

The company proposes to issue up to 3.85 crore convertible warrants to Shanghvi Finance Private Limited, a promoter group entity. The key parameters of the warrant issue are structured as follows:

Each warrant will be convertible into one fully paid-up equity share of face value ₹1.00. The floor price has been determined at ₹155.76 based on SEBI ICDR Regulations, with the relevant date being January 9, 2026.

Fund Utilization Strategy

The company has outlined a comprehensive utilization plan for the warrant proceeds across three key areas:

The working capital loans to be repaid include facilities from Kotak Mahindra Bank Limited and ICICI Bank Limited. The research and development allocation represents the largest component, emphasizing the company's commitment to innovation and clinical trial activities.

Employee Stock Option Scheme 2026

The EGM will also consider the adoption of SPARC Employees Stock Option Scheme 2026 (ESOP Scheme 2026) with the following features:

• Total Options: Up to 50 lakh stock options
• Eligibility: Permanent employees of the company and subsidiary/holding/associate companies
• Percentage of Capital: Approximately 1.54% of paid-up share capital as of December 31, 2025
• Vesting Period: Maximum 4 years from grant date
• Exercise Period: 1 year from vesting date

The scheme excludes promoters, promoter group members, and independent directors from participation. Each stock option will entitle the holder to one equity share of ₹1.00 face value.

Shareholding Impact and Corporate Governance

Post-conversion of all warrants, the shareholding pattern will witness significant changes:

Shanghvi Finance Private Limited's holding will increase from 42.28% to 48.40% upon full conversion. The ultimate beneficial owner is Dilip Shantilal Shanghvi. The company has confirmed that no change in control or management will occur as a result of this warrant issue.

Meeting and Voting Procedures

The EGM is scheduled for February 9, 2026, at 4:00 PM (IST) through video conferencing. The e-voting schedule has been established as follows:

The company has appointed KJB & Co. LLP as the scrutinizer for the e-voting process. All resolutions require special resolution approval with the requisite majority.

Regulatory Compliance and Monitoring

The warrant issue complies with SEBI ICDR Regulations and Companies Act provisions. Acuite Ratings and Research Limited has been appointed as the monitoring agency to oversee fund utilization. The company has obtained necessary certificates from practicing company secretaries and independent valuers as required under regulations.

The warrants and resulting equity shares will be subject to lock-in provisions as prescribed under SEBI regulations. The company will seek listing approval for the equity shares arising from warrant conversion on both BSE and NSE where its shares are currently traded.