Biocon Closes Rs 4,500-Crore QIP At 6% Discount To Last Closing

Pharmaceutical main Biocon Ltd. accomplished elevating of Rs 4,500 crore by means of certified institutional placement, reported the corporate on Friday.

The corporate has efficiently issued over 13.63 crore fairness shares of face worth Rs 5 every to eligible certified institutional consumers on the challenge worth of Rs 330 per fairness share, together with a premium of Rs 325 per share, as per a regulatory submitting.

The QIP, which lasted from June 16 to June 19, witnessed sturdy investor curiosity from a various group of home and worldwide traders, underscoring robust confidence in Biocon’s progress prospects, as per the submitting.

“The robust response to our QIP displays deep investor conviction in Biocon’s differentiated technique and constant execution,” Biocon CEO and Managing Director Siddharth Mittal mentioned.

He additional mentioned, “This capital elevate additional strengthens our stability sheet, enabling us to spend money on innovation, increase world entry to lifesaving biopharmaceuticals, and advance our objective of delivering inexpensive healthcare options that handle urgent well being inequities worldwide.” That is the primary fairness fundraise accomplished by Biocon since its IPO in 2004.

Biocon mentioned the proceeds from the QIP will likely be utilised for buy of excellent optionally convertible debentures issued by its subsidiary, Biocon Biologics Ltd., from Goldman Sachs India AIF Scheme – 1 and Goldman Sachs India Various Funding Belief AIF Scheme – 2.

The capital raised will even be used for compensation, pre-payment or redemption, in full or partly, of sure excellent monetary devices issued and borrowings availed by the corporate, and/or assembly different monetary commitments, apart from basic company functions.

(With inputs from PTI)