Latest news with #QualifiedInstitutionsPlacement
Business Standard
11 hours ago
- Business
- Business Standard
Biocon raises Rs 4,500 crore via QIP
First equity fundraise since 2004 IPO sees strong institutional demand. Biocon has successfully concluded a Qualified Institutions Placement (QIP), raising Rs 4,500 crore (approximately $523 million), marking its first equity fundraise since its IPO in 2004. The company issued 13.63 crore equity shares at Rs 330 per share. The QIP opened on June 16 and closed on June 19, attracting participation from a mix of domestic and foreign institutional investors. Major names in the final orderbook included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Life, Nippon India Mutual Fund, Mirae Asset, Franklin Templeton, SBI General Insurance, Government Pension Fund Global, and BlackRock. The proceeds from the fundraise will be used for multiple strategic objectives, including purchasing optionally convertible debentures of Biocon Biologics from Goldman Sachs-managed funds, repaying certain borrowings, and meeting other financial and corporate needs. Following the issue, the combined stake of the promoter and promoter group stands at 54.45%, down from 60.64% as of March 2025. Siddharth Mittal, CEO and managing director, Biocon, said, "The strong response to our QIP reflects deep investor conviction in Biocon's differentiated strategy and consistent execution. This capital raise further strengthens our balance sheet, enabling us to invest in innovation, expand global access to lifesaving biopharmaceuticals, and advance our purpose of delivering affordable healthcare solutions that address pressing health inequities worldwide." Biocon is a global biopharma company dedicated to improving affordable access to therapies for chronic conditions like diabetes, cancer, and autoimmune diseases. The companys consolidated net profit surged 154.2% to Rs 344.50 crore on a 12.8% jump in net sales to Rs 4,358.10 crore in Q4 FY25 over Q4 FY24. The scrip rose 0.86% to settle at Rs 351.60 on Friday, 20 June 2025.
The Hindu
a day ago
- Business
- The Hindu
Biocon raises ₹4,500 crore through QIP
Biocon said it completed its Qualified Institutions Placement (QIP) and raised ₹4,500 crore through the issuance of 13,63,63,635 equity shares of face value ₹5 each to eligible qualified institutional buyers at the issue price of ₹330 per equity share (including a premium of ₹325 per equity share). The QIP, which opened on June 16 and closed on June 19, witnessed robust investor interest from a diverse group of domestic and international investors, underscoring strong confidence in Biocon's growth prospects, said the company on Friday. Siddharth Mittal, CEO and Managing Director, Biocon Limited, said, 'The strong response to our QIP reflects deep investor conviction in Biocon's differentiated strategy and consistent execution. This capital raise further strengthens our balance sheet, enabling us to invest in innovation, expand global access to lifesaving biopharmaceuticals, and advance our purpose of delivering affordable healthcare solutions that address pressing health inequities worldwide.' According to the company, this fundraise, the first equity fundraise done by Biocon since its IPO in 2004, demonstrates the company's access to a diversified equity pool of capital. The final order book was well diversified in terms of investor type across domestic mutual funds, insurance companies and foreign institutional investors. Some of the leading names who participated in the issue included SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Life Insurance, Nippon India Mutual Fund, Mirae Asset Mutual Fund, Aditya Birla Mutual Fund, Franklin Templeton, SBI General Insurance, Government Pension Fund Global and Blackrock, the biotech firm further said. The proceeds from the QIP would be utilised towards purchase of outstanding optionally convertible debentures issued by Biocon Subsidiary, Biocon Biologics Limited, from Goldman Sachs India AIF Scheme - 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme – 2. Also, proceeds would be used for repayment, pre-payment or redemption, in full or in part, of certain outstanding financial instruments issued and/or borrowings availed by the company, and/or meeting other financial commitments of the company; and for general corporate purposes, as per the company.
Economic Times
3 days ago
- Business
- Economic Times
Sebi relaxes Esop norms for IPO-bound startup founders
In a major relief to startup founders looking to go public, Sebi on Wednesday approved a proposal to allow them to retain employee stock options (ESOPs) granted at least one year prior to filing preliminary IPO papers. Under the existing regulations, promoters are ineligible to hold or be granted share-based benefits, including ESOPs. If they hold such share-based benefits at the time of filing of draft red herring prospectus (DRHP), they have been required to liquidate such benefits prior to the IPO. This provision has been found to be impacting founders classified as promoters at the time of filing of DRHP, Sebi chairman Tuhin Kanta Pandey said the board approved a proposal to "facilitate founders who received such benefits at least one year prior to the filing of DRHP with the board, to continue holding, and/or exercising such benefits even after being specified as the promoter/s and the company becoming a listed entity". These proposals are expected to assist public companies who intend to list after undertaking reverse flipping -- shifting the country of incorporation from a foreign jurisdiction to India. This was the second board meeting under the chairmanship of Pandey, who assumed office on March 1. Additionally, the Sebi board approved a to rationalise the content of the placement document of Qualified Institutions Placement (QIP) by prescribing only the relevant information regarding the in QIPs, the issuer is required to disclose the details in the placement document as prescribed under ICDR (Issue of Capital and Disclosure Requirements) disclosures are detailed in nature and preparing a lengthy placement document is a time-consuming exercise that results in duplication of information, which is already available in the public domain."The board approved amendments to ICDR Regulations for simplifying and streamlining the placement document for qualified institutional placement by listed entities," Sebi said, adding this builds on the simplification and streamlining undertaken for rights issues by listed proposal factors in the availability of information for listed entities in the public domain, and reduces or eliminates duplication of such information in the placement document. Making disclosures has also been enabled in a summarised and concise form. Such areas of disclosure being simplified include risk factors being specified in relation to the issue, the objects of the issue and the material risks (dispensing with generic risk factors being disclosed), providing a summary of financial position (dispensing provision of complete financial statements) and providing a summary of issuer's business and the industry in which it operates.
Time of India
3 days ago
- Business
- Time of India
Sebi relaxes Esop norms for IPO-bound startup founders
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads In a major relief to startup founders looking to go public, Sebi on Wednesday approved a proposal to allow them to retain employee stock options (ESOPs) granted at least one year prior to filing preliminary IPO the existing regulations, promoters are ineligible to hold or be granted share-based benefits, including ESOPs. If they hold such share-based benefits at the time of filing of draft red herring prospectus (DRHP), they have been required to liquidate such benefits prior to the provision has been found to be impacting founders classified as promoters at the time of filing of DRHP, Sebi chairman Tuhin Kanta Pandey said the board approved a proposal to "facilitate founders who received such benefits at least one year prior to the filing of DRHP with the board, to continue holding, and/or exercising such benefits even after being specified as the promoter/s and the company becoming a listed entity".These proposals are expected to assist public companies who intend to list after undertaking reverse flipping -- shifting the country of incorporation from a foreign jurisdiction to was the second board meeting under the chairmanship of Pandey, who assumed office on March the Sebi board approved a to rationalise the content of the placement document of Qualified Institutions Placement (QIP) by prescribing only the relevant information regarding the in QIPs, the issuer is required to disclose the details in the placement document as prescribed under ICDR (Issue of Capital and Disclosure Requirements) disclosures are detailed in nature and preparing a lengthy placement document is a time-consuming exercise that results in duplication of information, which is already available in the public domain."The board approved amendments to ICDR Regulations for simplifying and streamlining the placement document for qualified institutional placement by listed entities," Sebi said, adding this builds on the simplification and streamlining undertaken for rights issues by listed proposal factors in the availability of information for listed entities in the public domain, and reduces or eliminates duplication of such information in the placement document. Making disclosures has also been enabled in a summarised and concise areas of disclosure being simplified include risk factors being specified in relation to the issue, the objects of the issue and the material risks (dispensing with generic risk factors being disclosed), providing a summary of financial position (dispensing provision of complete financial statements) and providing a summary of issuer's business and the industry in which it operates.
Economic Times
3 days ago
- Business
- Economic Times
Sebi board meeting today. 5 key proposals on the agenda
The Securities and Exchange Board of India will convene a meeting. They will discuss employee stock options for startup founders post-IPO. Synopsis The Securities and Exchange Board of India will convene a meeting. They will discuss employee stock options for startup founders post-IPO. The board will consider voluntary delisting of Public Sector Undertakings. Relaxed compliance for Foreign Portfolio Investors in government bonds is on the agenda. Rationalising Qualified Institutions Placement disclosure norms will also be discussed. The Securities and Exchange Board of India (Sebi) will hold its board meeting today, where it may discuss whether startup founders should be allowed to retain employee stock options even after their companies go public. The agenda could also include permitting voluntary delisting of public sector companies, among other matters. ADVERTISEMENT Under current regulations, startup founders must be classified as promoters at the time of filing IPO documents. Once labeled promoters, they are no longer eligible to receive Employee Stock Options (ESOPs). However, Sebi believes the existing rules do not clearly specify whether founders—who received ESOPs before being classified as promoters—can exercise their vested and unvested options after the of many new-age tech startups often receive ESOPs instead of salaries in the early stages to align their interests with shareholders. But as these companies raise capital from external investors, founders' stakes tend to get March 20, 2025, Sebi released a consultation paper seeking public feedback on the need to clarify whether ESOPs granted before filing the Draft Red Herring Prospectus (DRHP) can be exercised if the founder is later classified as a promoter. ADVERTISEMENT Sebi is also considering introducing a one-year cooling-off period between the grant of ESOPs and the filing of IPO papers, according to an ET report. The regulator believes issuing share-based benefits shortly before an IPO could be open to misuse. ADVERTISEMENT The board, chaired by Tuhin Kanta Pandey, may also discuss creating a separate framework to allow public sector undertakings (PSUs) to voluntarily delist from stock exchanges—if the government holds more than 90% proposal stems from Sebi's view that some PSUs suffer from thin public float, weak financials, or limited future prospects due to outdated products or strategic asset sales. ADVERTISEMENT In May, Sebi floated a discussion paper proposing such a carve-out mechanism for PSU delisting where the government or promoter group owns at least 90% of may consider simplifying compliance requirements for Foreign Portfolio Investors (FPIs) investing solely in Indian Government Bonds (IGBs) via the Voluntary Retention Route (VRR) and the Fully Accessible Route (FAR). The move aims to attract more long-term bond investors to the Indian debt market, sources said. ADVERTISEMENT The board could also take up a proposal to rationalise the disclosure requirements for Qualified Institutions Placement (QIP) documents. The plan would limit disclosure to only information relevant to the issue, people familiar with the matter said. Currently, issuers must adhere to detailed disclosure norms under the Issue of Capital and Disclosure Requirements (ICDR) regulations. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. 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