Biocon Ltd

The Board of Directors of Biocon Limited at its meeting held today i.e. on Wednesday April 26 2023 has approved the transaction for issuance of Secured Redeemable NCDs aggregating upto Rs. 500 crores on private placement basis to ESOF III Investment Fund managed by Edelweiss Alternate Asset Advisors Limited (EAAA) and EAAA.The return profile of NCDs is linked to BBL share price subject to minimum IRR of 12%. The proceeds from the NCDs will be further invested by Biocon Limited as OCDs in BBL on similar terms as the NCDs. The Board of Directors of BBL has considered and approved the execution of the transaction documents for issuance of CCDs of BBL aggregating upto Rs. 300 crores to Investors. CCDs will convert to 1:1 BBL shares with a contingent coupon to guarantee minimum 12% IRR. The consummation of above transactions are subject to customary regulatory approvals and conditions precedent.The Board Meeting commenced at 8:45 pm and concluded at 9:20 pm.