Biocon seeks ₹4,500 crore to cut debt

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Biocon Ltd. has launched a Qualified Institutional Placement (QIP) to raise ₹4,500 crore, aiming to address its debt obligations. The biopharmaceutical company plans to sell a 11.6% stake, with a floor price set at ₹340.20 per share. Funds will be used to repurchase debentures from Biocon Biologics and repay debts, including a net debt of approximately $1.2 billion. The QIP follows board approval and shareholder consent, with the company aiming to complete the first tranche by mid-June. Biocon's shares closed at ₹356.95 on Monday, and the company is also exploring strategic restructuring options.


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Biocon seeks ₹4,500 crore to cut debt | News Minimalist