new Delhi17 minutes ago
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Biocon Biologics is a subsidiary of pharmaceutical manufacturer Biocon. Biocon’s chairperson is Kiran Mazumdar Shaw.
- Investment will be made at a value of $ 3.94 billion
- Will help strengthen presence in global market
The veteran global investment bank Goldman Sachet will invest $ 150 million to about Rs 1,100 crore in Biocon Biologics. The investment will be through optionally convertible debentures (OCD). This investment has been approved by the company’s board. Biocon Biologics is a subsidiary of pharmaceutical manufacturer Biocon. Biocon’s chairperson is Kiran Mazumdar Shaw.
Investment will be made at a value of $ 3.94 billion
According to the statement issued by Biocon, this investment will be worth about $ 3.94 billion of Biocon Biologics at about 25 thousand crores rupees. However, this would require regulatory approval. OCD is a type of debt security that allows the issuer (Biocon Biologics) to raise capital on interest. Under this, the lender has the option to convert this debt into equity to be issued by the company.
Biocon Biologics has raised $ 105 million in the past
Biocon Biologics has raised $ 105 million in investments earlier this year. The investment was raised from True North and Tata Capital Fund. The company says the investment from Goldman Sachet will help strengthen its presence in the global market. Also it will help in creating value of share holders.