Biocon Raises ₹4,150 Crore via QIP, SBI and ICICI Funds Lead Investment

• Biocon Ltd. successfully completed a Qualified Institutional Placement (QIP) on January 15, raising ₹4,150 crore.
• The company issued 11.26 crore equity shares at ₹368.35 per share, a 2.8% discount to the previous day's closing price.
• SBI Mutual Fund, ICICI Prudential Mutual Fund, and Mirae Asset Mutual Fund collectively acquired nearly two-thirds of the QIP shares.
• The funds raised will primarily be used to pay Mylan Inc. for the acquisition of Biocon Biologics shares and to repay debt.
• Biocon aims to make Biocon Biologics a wholly-owned subsidiary, with a payment of $400 million to Mylan as part of this strategy.

Why It Matters: Biocon secured ₹4,150 crore through a QIP, largely from SBI and ICICI funds, to fund Biocon Biologics acquisition.