Biocon's board OKs to raise Rs 4,500-cr

'Raising of funds by way of issuance any instrument or security, including equity shares, non-convertible debt instruments along with warrants, any other convertible securities or any other eligible securities or any combination thereof by way of qualified institutions placement(s), rights issue, preferential allotment or private placement(s) and/or any combination thereof or any other method as may be permitted under applicable laws, and on such terms and conditions as may be considered appropriate by the board in its absolute discretion under applicable laws, for an aggregate amount of up to Rs 4,500 crore, in one or more tranches and/or one or more issuances, subject to the receipt of necessary approvals including approval of the shareholders of the company and other regulatory / statutory approvals,' it stated in exchange filing.

Meanwhile, the company's board also approved to increase authorized share capital from existing Rs 625 crore divided into 125 crore equity shares of Rs 5 each to Rs 700 crore divided into 140 crore equity shares of Rs 5 each, subject to the receipt of necessary approvals including approval of the shareholders of the company and other regulatory / statutory approvals.

Biocon is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets.

The company's consolidated net profit declined 96.2% to Rs 25.10 crore in Q3 FY25 as compared with Rs 660 crore in Q3 FY24. Net sales increased 6.3% to Rs 3773 crore in Q3 FY25.

The counter rose 0.57% to end at Rs 335.85 on Wednesday, 23 April 2025.

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