Biocon Set to Raise Rs 4,500 Crore through Securities

Biocon's board announced plans to raise Rs 4,500 crore through the issuance of securities. The raise will include various instruments such as shares and convertible securities through methods like qualified institutions placement or rights issue.

Biotechnology giant Biocon has officially announced plans to raise a significant sum of Rs 4,500 crore via securities issuance. The announcement came after the company's board reached a consensus in their meeting on Wednesday.

This ambitious capital-raising venture will include a mix of instruments, potentially encompassing shares, non-convertible debt instruments, and warrants, among other convertible securities. Biocon aims to execute this through qualified institutions placement, rights issue, and other possible channels, marking a strategic financial maneuver for the firm.

Following the disclosure, Biocon shares experienced a minor uptick of 0.57%, closing at Rs 335.85 on the Bombay Stock Exchange on Wednesday.

(With inputs from agencies.)