Biocon’s board has approved the acquisition of equity shares in Biocon Biologics Limited (BBL) and a fundraise of up to ₹4,500 Crores. The BBL acquisition involves shares from Mylan, Serum Institute, Tata Capital Growth Fund II, and Activ Pine LLP. The fundraise will support the cash portion of the Mylan acquisition. The board also approved an increase in authorized share capital and convening an EGM.
Biocon Biologics Acquisition Approved
Biocon’s board has greenlit the acquisition of equity shares in Biocon Biologics Limited (BBL) from several entities. These include: Mylan Inc., Serum Institute Life Sciences Private Limited, Tata Capital Growth Fund II, and Activ Pine LLP. The acquisition will streamline the corporate structure and enable a larger balance sheet.
Details of Share Acquisition
The company will acquire 26,19,17,480 shares of BBL from Selling Shareholders, for consideration other than cash, to be discharged fully by way of issuance and allotment of 17,12,79,553 equity shares of the Company of the face value of Rs. 5 each, fully paid up, on a preferential basis to the Selling Shareholders.
The Company will acquire 14,36,69,382 shares from Mylan Inc. by way of cash consideration.
Fundraising Plan
The board also approved raising funds up to ₹4,500 Crores through various instruments, including equity shares, non-convertible debt instruments, or a combination thereof. This fundraise will primarily cover the cash consideration payable to Mylan.
Increase in Authorized Share Capital
The authorized share capital of the Company will be increased from ₹7,00,00,00,000 to ₹9,00,00,00,000. This will be divided into 1,80,00,00,000 equity shares of ₹5 each.
Extraordinary General Meeting (EGM)
An Extraordinary General Meeting (EGM) will be convened on December 31, 2025, to seek shareholder approval for the matters outlined above.
Commercial Paper Issuance
The board approved the issuance of Commercial Papers for an amount up to ₹1,800 Crores to cover the cash remittance to Mylan in the interim, pending completion of the larger fund raise.
Source: BSE