Biocon board approves fundraise of up to ₹4,500 crore, plans share capital expansion

Biocon Ltd said on Wednesday its board has approved raising up to ₹4,500 crore through the issue of securities via methods including qualified institutional placements, rights issues, or other permissible routes, in one or more tranches.

The proposed fundraising will be subject to necessary shareholder and regulatory approvals, the company said in a stock exchange filing.

The board has also approved an increase in the authorised share capital of the company from ₹625 crore to ₹700 crore, along with a corresponding amendment to the capital clause in its Memorandum of Association. The change will also be subject to shareholder and regulatory approvals.
The company plans to seek shareholder approval for both proposals via postal ballot.

Biocon, a leading biopharmaceutical company based in Bengaluru, manufactures generic active pharmaceutical ingredients and biosimilars and operates in both domestic and international markets.

Shares of Biocon ended 0.5% higher at a price of ₹335.50 on the BSE today.