Biocon aims to raise Rs 4,000 crore through QIP next month, reports CNBC-TV18

Biocon is planning a QIP to raise funds which may be used to pare debt, learns CNBC-TV18

Biocon is looking to raise over Rs 4,000 crore through a qualified placement of shares which may be launched as early as next month, CNBC-TV18 reported on July 26 citing sources.

Shares of Biocon are trading near the day's high, up around 3.5 percent.

The funds raised through the QIP issue could be used to pare debt, and it is likely that BofA Securities and Kotak Securities may have been appointed as bankers for the issue.

Biocon's board is scheduled to meet on August 8 to approve Q1FY25 results, and it is possible that the board may consider an enabling resolution for the fund raise at the board meet.

A Biocon Spokesperson refused to comment on any rumours or market speculation when CNBC-TV18 reached out for a comment. Moneycontrol is yet to independently verify the development.

Biocon's January-March quarter results (Q4FY24) showed a YoY decline of 57 per cent in consolidated net profit at Rs 135.5 crore. Revenue from operations in the fourth quarter stood at Rs 3,917 crore, registering a rise of four per cent.

Biocon has said in the past that weight loss products, including semaglutide, are going to be key drivers of growth for the company.