Biocon to raise Rs 4,500 crore via QIP or other routes
Biocon Limited has announced that its board of directors has approved a proposal to raise up to ₹4,500 crore through a mix of instruments, including equity shares, convertible securities, non-convertible debt instruments with warrants, or other eligible options. The fundraising will be executed via qualified institutions placements (QIP), rights issues, preferential allotments, private placements, or a combination thereof, subject to shareholder and regulatory approvals.
Additionally, the board approved an increase in the authorised share capital of the company from ₹625 crore to ₹700 crore. The capital restructuring will result in the authorised capital being divided into 140 crore equity shares of ₹5 each, up from the existing 125 crore shares. A corresponding amendment to the Memorandum of Association of the company will follow, pending approvals.
The company will seek shareholders' approval for both resolutions via postal ballot, details of which will be communicated shortly.
The decision marks a significant step in Biocon's growth strategy and comes as the company looks to strengthen its balance sheet, fund expansion, and potentially explore strategic opportunities across its biosimilars, generics, and research services businesses.
Disclaimer: This news article is based on public disclosures made to stock exchanges. Investors are advised to consult certified financial advisors before making investment decisions.
News desk at BusinessUpturn.com
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