Biocon Ltd. on Monday set the floor price for the share sale to the institutional investors as the window of its deal opened. The fundraising of up to Rs 4,500 crore will take place through qualified institutional placement.
The company set the floor price at Rs 340.20 per share, according to an exchange filing on Monday. It may offer a discount of not more than 5% on the floor price.
The biopharmaceutical firm will determine the issue price for the QIP after consulting the book running lead managers appointed for the issue.
Government Approval For Diabetes Medication
On June 3, Biocon received approval from the government authorities for a generic diabetes medication.
The company has received approval for its Liraglutide drug substance and its wholly-owned subsidiary Biocon Pharma has bagged approval for its Liraglutide drug product from the Drugs Controller General of India.
Shares of Biocon closed 0.52% higher at Rs 357.25 apiece on the National Stock Exchange, compared to a 0.92% rise in the benchmark Nifty. The stock has risen 8.80% in the last 12 months but fallen 2.22% on a year-to-date basis.
Out of the 18 analysts tracking the company, 10 have a 'buy' rating on the stock, three recommend 'hold' and five suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 4.8%.
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