Biocon Raises ₹45 Billion Via QIP To Pare Debt, Meet Obligations

Biocon Ltd. on Friday said it has concluded its qualified institutional placement launched Monday, raising ₹45 billion through the allotment of 136.36 million shares at ₹330 apiece to eligible institutional buyers.

The company plans to use the proceeds to buy optionally convertible debentures issued by Biocon Biologics Ltd. to two Goldman Sachs funds, repay or pre-pay borrowings, and meet other financial obligations.