Biocon Opens ₹45 Billion QIP Issue At ₹340.20 Floor Price

Biocon Ltd. on Monday said its board has approved opening a qualified institutional placement at a floor price of ₹340.20 per share, with a potential discount of up to 5%. The move is part of the company’s previously announced plan to raise up to ₹45 billion through securities.

The issue price will be finalised in consultation with the book running lead managers. Proceeds are expected to go towards reducing Biocon’s debt and strengthening its balance sheet.

Biocon’s net debt stood at $1.2 billion as of March, which Nuvama Institutional Equities flagged as a key concern despite ongoing efforts to improve working capital and operational metrics.