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Business Standard
6 hours ago
- Business
- Business Standard
Biocon closes ₹4,500 crore QIP to boost innovation, expand global access
Biocon Ltd announced on Friday that it has successfully raised ₹4,500 crore through a qualified institutions placement (QIP), marking its first equity fundraising since its initial public offering in 2004. In a regulatory filing, the company stated it had issued over 136.3 million equity shares, each with a face value of ₹5, to eligible institutional investors. The shares were priced at ₹330 per unit, which includes a premium of ₹325. The QIP was open from June 16 to 19, 2025, and received strong interest from both Indian and global investors. Biocon said this response reflects growing confidence in the company's long-term strategic vision. Capital to support innovation and access to affordable healthcare 'The strong response to our QIP reflects deep investor conviction in Biocon's differentiated strategy and consistent execution,' said Siddharth Mittal, CEO and Managing Director of Biocon Ltd. 'This capital raise further strengthens our balance sheet, enabling us to invest in innovation, expand global access to lifesaving biopharmaceuticals, and advance our purpose of delivering affordable healthcare solutions that address pressing health inequities worldwide,' Mittal added. Proceeds allocated for strategic and financial needs Biocon stated that part of the capital raised will be used to purchase outstanding optionally convertible debentures of its subsidiary, Biocon Biologics Limited, from Goldman Sachs India AIF Scheme - 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme - 2. Additionally, the funds will be used to repay, pre-pay, or redeem certain borrowings and financial instruments, and meet other financial requirements, including general corporate expenses.
The Hindu
8 hours ago
- Business
- The Hindu
Biocon raises ₹4,500 crore through QIP
Biocon said it completed its Qualified Institutions Placement (QIP) and raised ₹4,500 crore through the issuance of 13,63,63,635 equity shares of face value ₹5 each to eligible qualified institutional buyers at the issue price of ₹330 per equity share (including a premium of ₹325 per equity share). The QIP, which opened on June 16 and closed on June 19, witnessed robust investor interest from a diverse group of domestic and international investors, underscoring strong confidence in Biocon's growth prospects, said the company on Friday. Siddharth Mittal, CEO and Managing Director, Biocon Limited, said, 'The strong response to our QIP reflects deep investor conviction in Biocon's differentiated strategy and consistent execution. This capital raise further strengthens our balance sheet, enabling us to invest in innovation, expand global access to lifesaving biopharmaceuticals, and advance our purpose of delivering affordable healthcare solutions that address pressing health inequities worldwide.' According to the company, this fundraise, the first equity fundraise done by Biocon since its IPO in 2004, demonstrates the company's access to a diversified equity pool of capital. The final order book was well diversified in terms of investor type across domestic mutual funds, insurance companies and foreign institutional investors. Some of the leading names who participated in the issue included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Life Insurance, Nippon India Mutual Fund, Mirae Asset Mutual Fund, Aditya Birla Mutual Fund, Franklin Templeton, SBI General Insurance, Government Pension Fund Global and Blackrock, the biotech firm further said. The proceeds from the QIP would be utilised towards purchase of outstanding optionally convertible debentures issued by Biocon Subsidiary, Biocon Biologics Limited, from Goldman Sachs India AIF Scheme - 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme – 2. Also, proceeds would be used for repayment, pre-payment or redemption, in full or in part, of certain outstanding financial instruments issued and/or borrowings availed by the company, and/or meeting other financial commitments of the company; and for general corporate purposes, as per the company.
