Biocon shares are in focus after the company is reportedly preparing to launch a Qualified Institutional Placement (QIP) to raise as much as ₹4,500 crore, possibly as early as this week, according to a Bussiness report.
Sources familiar with the development told Bussiness that the deal has been in the works for some time and may be launched imminently. The planned capital raise is aimed at reducing the company’s debt and improving its overall financial health.
The report also states that leading investment banks — Kotak Mahindra Capital, Goldman Sachs, and BofA Securities — are advising Biocon on the QIP. The company is expected to use the proceeds to bolster its balance sheet and enhance operational flexibility as it looks to strengthen its biosimilars and research services businesses.
Biocon shares opened at ₹358.30 and touched a high of ₹359.05 during the session, while the low stood at ₹348.25. The stock is trading closer to its 52-week high of ₹404.70, while the 52-week low is ₹291.00.
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