Imran Khan Bail Extended: A local court in Pakistan extended the interim bail of PTI founder Imran Khan and his wife Bushra Bibi in multiple cases, including those linked to the May 9 violence. Imran Khan Bail Extended: A local court in Pakistan on Tuesday extended the interim bail of PTI founder
Biocon To Fully Merge Biocon Biologics; Shares Likely To React On Monday
Biocon To Fully Merge Biocon Biologics; Shares Likely To React On Monday
Biocon Share Price: Indian biopharmaceutical company, Biocon, has announced its plan to merge Biocon Biologics Limited (BBL) as wholly owned subsidiary. According to the press release, Biocon will acquire minority stakes of BBL from Mylan, Serum Institutes Life Sciences, Tata Capital Growth Fund II and Activ Pine LLP in a share swap deal and cash transfer.
“Approved the acquisition of the equity shares of Biocon Biologics Limited (“BBL") by the Company, held by: (a) Mylan Inc. (“Mylan"); (b) Serum Institute Life Sciences Private Limited (“Serum"); (c) Tata Capital Growth Fund II (“TCGF"); and (d) Activ Pine LLP (“Activ Pine") (collectively referred as “Selling Shareholders/Proposed Allotees") (“Proposed Transaction")," Biocon said in the filiing.
BBL shares of 40,55,86,862 will be acquired by Biocon as part of the merger with the parent firm.
Biocon shares will be in focus on Monday, December 08, following its plan to merge Biocon Biologics Limited. Shares of Biocon settled 1 per cent up at Rs 392.05 apiece last week. On a year-to-date basis, shares have yielded a 6.30 per cent return to investors.
The company is also seeking to fund raise up to Rs 4,500 crore via various methods such as QIP, Rights Issue, Preferential allotment, private placement or a combination. This cash will mainly be used to pay Mylan for its BBL shares.
“Approved the raising of funds by way of issuance of any instrument or security, including equity shares, non-convertible debt instruments along with warrants, any other convertible securities or any other
eligible securities or any combination thereof (“Securities"), by way of qualified institutions placement(s) (“QIP"), rights issue, preferential allotment or private placement(s) and/or any combination thereof or any other method as may be permitted under applicable laws, and on such terms and conditions as may be considered appropriate by the Board in its absolute discretion under applicable laws, for an aggregate amount of up to Rs. 4,500 Crores, in one or more tranches and/or one or more issuances, mainly towards cash consideration payable to Mylan, subject to the receipt of necessary approvals including approval of the Shareholders of the Company and other regulatory / statutory approvals, as may be required, in this regard," as noted in the filing.
Meanwhile, Biocon will issue commercial papers up to Rs 1,800 crore to temporarily fund the cash payment to Mylan until fundraising is completed.
“Approved issuance of Commercial Papers for an amount up to Rs. 1,800 Crores (Rupees One Thousand Eight Hundred Crores) in one or more tranches on private placement basis, in order to discharge the cash remittance to Mylan in the interim, till the completion of fund raise as detailed in Item No. 3 above," as noted in the filing.
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Biocon is an innovation led fully integrated biopharmaceutical company that develop affordable biosimilars, generic formulations & complex APIs. It is co-founded by Kiran Majumdar Shaw.
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Source: News18
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Imran Khan Bail Extended: A local court in Pakistan extended the interim bail of PTI founder Imran Khan and his wife Bushra Bibi in multiple cases, including those linked to the May 9 violence. Imran Khan Bail Extended: A local court in Pakistan on Tuesday extended the interim bail of PTI founder
2 months ago
