Biocon Closes Rs 4,500-Crore QIP At 6% Discount To Last Closing
Biocon said the proceeds from the QIP will be utilised for purchase of outstanding optionally convertible debentures issued by its subsidiary.
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Pharmaceutical major Biocon Ltd. completed raising of Rs 4,500 crore through qualified institutional placement, reported the company on Friday.
The company has successfully issued over 13.63 crore equity shares of face value Rs 5 each to eligible qualified institutional buyers at the issue price of Rs 330 per equity share, including a premium of Rs 325 per share, as per a regulatory filing.
The QIP, which lasted from June 16 to June 19, witnessed robust investor interest from a diverse group of domestic and international investors, underscoring strong confidence in Biocon's growth prospects, as per the filing.
"The strong response to our QIP reflects deep investor conviction in Biocon's differentiated strategy and consistent execution," Biocon CEO and Managing Director Siddharth Mittal said.
He further said, "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." This is the first equity fundraise done by Biocon since its IPO in 2004.
Biocon said the proceeds from the QIP will be utilised for purchase of outstanding optionally convertible debentures issued by its subsidiary, Biocon Biologics Ltd., from Goldman Sachs India AIF Scheme - 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme - 2.
The capital raised will also be used for repayment, pre-payment or redemption, in full or in part, of certain outstanding financial instruments issued and borrowings availed by the company, and/or meeting other financial commitments, besides general corporate purposes.
(With inputs from PTI)
