Biotechnology major Biocon said it has received shareholders' approval to the resolution for transfer of biosimilars business by way of a slump sale to group entity Biocon Biologics India.
"The resolution for transfer of Biosimilars business of the company by way of a slump sale as 'Going Concern' to Biocon Biologics India Ltd... has been passed by the members of the company with requisite majority," Biocon said.
The regulatory filing to the BSE added that Biocon Biologics India is a step down wholly owned subsidiary of the company.
The special resolution was passed with 99.99 per cent of votes polled through postal ballot, it added.
Shares of Biocon today closed down 0.12 per cent at Rs 521.60 per scrip on BSE.