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Biocon plans to list its subsidiary Syngene with stock exchanges in July

23 Apr 2015 Evaluate

Biocon is all set to get its subsidiary Syngene listed with the stock exchanges in July. In this regard, the company has filed the draft red herring prospectus on April 22 with the market regulator, Securities and Exchange Board of India (SEBI).

Biocon, which owns an 86% stake in the R&D subsidiary, is planning to raise Rs 1,000 crore through the public issue.

Further, the company will be offloading at least 10 per cent of Syngene equity as it needs funds to support some of its research and development programmes.

Biocon is India’s largest and Asia’s leading biotechnology company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation-driven biopharma enterprise offering affordable solutions for chronic diseases to patient's worldwide.

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