Biocon board approves up to INR 4,500 crore fundraise

Biocon (BSE:BIOCON) announced today that its Board of Directors has approved plans to raise up to INR 4,500 crore through the issuance of securities, including equity shares, debt instruments, and other eligible securities. The fundraising may utilize methods such as qualified institutions placements, rights issues, preferential allotments, or private placements, and is subject to shareholder and regulatory approvals. Additionally, the board approved an increase in the company’s authorized share capital from INR 6,25,00,00,000 to INR 7,00,00,00,000, requiring an amendment to the company's Memorandum of Association. The company will seek shareholder approval for these measures through a postal ballot. The Board meeting, which commenced at 5:00 PM and concluded at 6:20 PM on April 23, 2025, also addressed compliance with SEBI regulations.