Biocon’s board has approved acquiring equity shares of Biocon Biologics Limited (BBL) and raising funds. The company will increase its authorized share capital to ₹9,000 crore. Equity shares will be issued on a preferential basis, and funds will be raised up to ₹4,500 Crores. An Extra-Ordinary General Meeting (EGM) is scheduled for December 31, 2025.
Increase in Share Capital
The board has approved an increase in the authorized share capital of the company from ₹7,00,00,00,000 to ₹9,00,00,00,000. This will involve increasing the number of equity shares from 1,40,00,00,000 to 1,80,00,00,000 equity shares of ₹5 each. This is subject to shareholder and regulatory approvals.
Acquisition of Biocon Biologics Limited (BBL) Equity Shares
The company will acquire equity shares of BBL from Mylan Inc., Serum Institute Life Sciences Private Limited, Tata Capital Growth Fund II, and Activ Pine LLP. This proposed transaction requires necessary approvals and execution of definitive agreements.
Preferential Issue of Equity Shares
The Board approved the offer and issuance of 17,12,79,553 equity shares of face value ₹5 each on a preferential basis, for an aggregate amount up to ₹6,950 Crores. This is in consideration for the swap of securities of BBL. Shareholder and regulatory approvals are required.
Fund Raising Approval
The board has approved raising funds up to ₹4,500 Crores through the issuance of various instruments and securities, including equity shares and non-convertible debt instruments. The fund raise is to provide cash consideration to Mylan. This is primarily for cash consideration payable to Mylan.
Extra-Ordinary General Meeting (EGM)
An Extra-Ordinary General Meeting (EGM) is scheduled for December 31, 2025, to seek shareholder approval for these matters. The meeting will be conducted through video conferencing or other audio-visual means. The relevant date for determining the floor price of the preferential issue is December 1, 2025.
Issuance of Commercial Papers
The board approved the issuance of Commercial Papers for an amount up to ₹1,800 Crores in one or more tranches on a private placement basis.
Source: BSE