Biocon Limited has informed the Exchange about Acquisition of equity shares of Biocon Biologics Limited
BIOCON · price
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Biocon has completed the acquisition of 26.19 crore equity shares of its subsidiary Biocon Biologics Limited (BBL) from four entities — Mylan Inc., Serum Institute Life Sciences, Tata Capital Growth Fund II, and Activ Pine LLP — through a share swap. As consideration, Biocon issued 17.13 crore new equity shares at Rs. 405.78 per share, raising the promoters'/allottees' combined holding to 11.36% post-allotment. Additionally, Biocon paid USD 200 million in cash to acquire 7.18 crore more BBL shares from Mylan (out of a total USD 400 million cash deal approved earlier). After these transactions, Biocon now holds approximately 94% of BBL on a fully diluted basis. The company's paid-up equity capital has risen from Rs. 668.48 crore to Rs. 754.12 crore.
This is a value-accretive consolidation move that increases Biocon's ownership in its high-value biologics subsidiary to ~94%, giving shareholders fuller exposure to BBL's growth. However, the issuance of 17.13 crore new shares causes dilution of about 11.4% for existing shareholders, though partly offset by the strategic value of gaining near-total control of BBL.