Syngene files DRHP, seeks approval for IPO

Biocon announced that its subsidiary Syngene International has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on April 22, 2015, seeking approval for an Initial Public Offering (IPO).

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Dr Kiran Mazumdar, CMD, Biocon

This is an offer for sale (OFS) by Biocon of a part of its shareholding in Syngene.

Biocon along with its subsidiary Biocon Research Limited (BRL) currently holds an 84.5 percent equity stake in Syngene.

Biocon is offering to sell up to 22 million equity shares of face value of Rs 10 each, through Syngene's IPO.

The offer includes a reservation of 2 million equity shares for Biocon's public equity shareholders, being individuals and HUFs.

The offer would constitute 11 percent of the post offer paid-up equity share capital of the Company.

 

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