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Biocon Board Okays Issuing Of Commercial Papers Worth Rs 570 Crore

The company informed via filing that the board had given it the go-ahead to secure the funds via short-term, unsecured debt obligations

PTI

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Biocon Ltd. on Monday said its board has approved raising Rs 570 crore through issuance of commercial papers on private placement basis.

The decision was taken at the company's board meeting, according to a regulatory filing by Biocon.

Commercial papers are short-term, unsecured debt obligations issued by institutions and corporations as an alternative to costlier methods of funding.

In a separate filing, the company said it has achieved an improvement in its Environmental, Social and Governance scores as assessed by S&P Global's Corporate Sustainability Assessment for 2024.

The company achieved an S&P Global ESG Score of 69 in 2024, up 6 points from 63 in 2023. This places the company in the 98th percentile among its global biotechnology industry peers, it said.

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