Biocon to Acquire $198.5 Mn OCDs in Biocon Biologics—Strengthens Control & Balance Sheet

Biocon Ltd. has announced its decision to purchase 25 optionally convertible debentures (OCDs) of its subsidiary Biocon Biologics Ltd. for a total consideration of $198.5 million. The move is part of a broader capital restructuring strategy aimed at consolidating ownership and streamlining financial obligations within the group.

 

The funds for this acquisition are being sourced from Biocon’s recent ₹4,500 crore Qualified Institutional Placement (QIP), which saw strong participation from marquee investors including SBI MF, HDFC Life, BlackRock, and Franklin Templeton. The QIP proceeds are earmarked for repurchasing OCDs from Goldman Sachs India AIFs, as well as for repayment of borrowings and general corporate purposes.

 

This transaction enhances Biocon’s financial flexibility and underscores its commitment to long-term value creation in the biosimilars space, where Biocon Biologics is a global leader.

 

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Source: Economic Times