 "Biocon gains as arm Syngene files for IPO")
Shares of Biocon were trading higher by 2% at Rs 465 extending its previous day’s 3% gain on the Bombay Stock Exchange (BSE) after the company said it has filed a prospectus with market regulator Securities and Exchange Board of India (Sebi) for the Initial Public Offer (IPO) of its research arm, Syngene.
“Under the proposed issue, shares will be offered through an offer for sale (OFS) route by Biocon Limited upto 22 million equity shares of face value of Rs 10 each for cash and at such premium as may be determined. The offer includes a reservation of 2 million equity shares for Biocon shareholders,” biotechnology major Biocon said in a BSE filing.
While the company did not comment on the amount to be raised through the IPO, sources said it could be around Rs 600 crore, the PTI report suggests.
The stock opened at Rs 468 and touched a high of Rs 470 on the BSE. A combined 459,853 shares changed hands on the counter till 0920 hours on the BSE an NSE.
“Under the proposed issue, shares will be offered through an offer for sale (OFS) route by Biocon Limited upto 22 million equity shares of face value of Rs 10 each for cash and at such premium as may be determined. The offer includes a reservation of 2 million equity shares for Biocon shareholders,” biotechnology major Biocon said in a BSE filing.
While the company did not comment on the amount to be raised through the IPO, sources said it could be around Rs 600 crore, the PTI report suggests.
The stock opened at Rs 468 and touched a high of Rs 470 on the BSE. A combined 459,853 shares changed hands on the counter till 0920 hours on the BSE an NSE.
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