Biocon has released its Monitoring Agency Report for Q2 FY26, confirming that funds raised through Qualified Institutions Placement (QIP) were utilized as per the stated objectives. The report, issued by India Ratings & Research, indicates no deviations and provides insights into the allocation of INR 45,000 million. The Audit Committee and Board of Directors have reviewed and approved the findings on November 11, 2025.
QIP Fund Utilization Review
Biocon’s Monitoring Agency Report for the quarter ended September 30, 2025 (Q2 FY26), confirms the appropriate allocation of funds raised through its Qualified Institutions Placement (QIP). India Ratings & Research Private Limited served as the Monitoring Agency, issuing the report on November 11, 2025.
Key Report Findings
The report states that there were no deviations from the stated objectives for which the funds were raised. The total issue size was INR 45,000 million. The funds were primarily allocated to the following:
- Purchase of outstanding optionally convertible debentures issued by Biocon’s Subsidiary: INR 16,980.46 million
- Repayment/prepayment of certain outstanding financial instruments: INR 5,987.68 million
- General Corporate Purposes: INR 169.54 million
- Issue related expenses: INR 684.01 million
Details of Unutilized Issue Proceeds
The total unutilized issue proceeds amounted to INR 21,347.85 million. These funds were primarily invested in mutual funds and kept as bank balance. Significant investments included:
- SBI Savings Fund – Direct – Growth: INR 769.35 million
- Kotak Money Market Fund – Direct – Growth: INR 1,182.40 million
- UTI Money Market Fund – Direct – Growth: INR 1,508.38 million
- HDFC Money Market Fund – Direct – Growth: INR 1,204.26 million
- ICICI Prudential Money Market Fund – Direct – Growth: INR 1,285.96 million
- Axis Money Market Fund – Direct – Growth: INR 1,515.62 million
Revised Timeline for Object Completion
The report also includes revised completion timelines for certain objects, indicating that the repayment and prepayment of certain outstanding financial instruments is now expected to occur ongoing until Fiscal 2027. The originally stated completion date for this objective was June 30, 2025.
Source: BSE
