Overview

• On June 16, Biocon set the floor price at ₹340.20 per share for its ₹4,500 crore qualified institutional placement, selling an 11.6% stake.
• The QIP debut lifted Biocon shares by 1.3% on June 17 as investors reacted positively to the fundraising launch.
• Raised funds will buy back optionally convertible debentures from Biocon Biologics and help pare down the company’s roughly $1.2 billion net debt.
• The fundraising follows June 3 approval from the Drugs Controller General of India for Biocon’s generic Liraglutide diabetes drug.
• Biocon’s board is reviewing strategic restructuring, including a potential merger of its biosimilars arm, Biocon Biologics, with the parent company.