The board approved the issue of 13.63 crore shares at an issue price of ₹330 apiece to eligible shareholders. The issue price is a small discount to Biocon’s closing price on Thursday.
Here are the funds who were issued the shares in the QIP:
| Fund | % Of QIP |
| ICICI Prudential MF (Various Schemes) | 15.38 |
| SBI MF (Various Schemes) | 15.38 |
| HDFC Life Insurance Company | 7.77 |
| Aditya Birla Sun Life MF (Various Schemes) | 7.22 |
| Nippon Inda MF (Various Schemes) | 7.22 |
| Mirae Asset MF (Various Schemes) | 7.22 |
| Franklin India MF (Various Schemes) | 6.66 |
Biocon intends to utilise the proceeds to repay some of its outstanding debt and to purchase the outstanding optionally convertible debentures issued by its subsidiary Biocon Biologics to Goldman Sachs and its various schemes.
HSBC wrote about Biocon on Thursday, stating that a successful QIP from Biocon should ease its debt burden going forward. However, the scale-up of the company’s new biosimilars remains a key trigger, as is the USFDA approval and launch of insulin aspart in the US market.
The brokerage retailed its “buy” recommendation on Biocon with a price target of ₹390 from ₹400 earlier.
Shares of Biocon ended 1.5% higher on Thursday at ₹347. The stock has risen 4.5% in the last one month.
