Biocon soars on getting nod to acquire stake in Biocon Biologics
Biocon is currently trading at Rs. 367.65, up by 10.50 points or 2.94% from its previous closing of Rs. 357.15 on the BSE.
The scrip opened at Rs. 346.30 and has touched a high and low of Rs. 370.80 and Rs. 346.30 respectively. So far 52210 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 404.60 on 21-Jan-2025 and a 52 week low of Rs. 244.40 on 20-Mar-2024.
Last one week high and low of the scrip stood at Rs. 386.75 and Rs. 346.30 respectively. The current market cap of the company is Rs. 42879.43 crore.
The promoters holding in the company stood at 60.64%, while Institutions and Non-Institutions held 21.02% and 18.34% respectively.
Biocon has received approval for purchase of equity shares of Biocon Biologics (BBL), a material subsidiary of the Company, from one of its existing investors pursuant to liquidity option exercised by them. This would result in an increase in the company’s equity shareholding in BBL by 1.5%. Post this purchase, Biocon’s stake in BBL will be 90.2%.
Cost of acquisition is Rs 555 crore. The purchase shall be completed on or before February 01, 2025, subject to the completion of necessary formalities. The Board of Directors at its meeting held on January 30, 2025, has approved the same.
Biocon is India’s largest and Asia’s leading Biotechnology Company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation driven biopharma enterprise offering affordable solutions for chronic diseases to patient's worldwide.
