Biocon Secures Rs 570 Crore Through Private Placement

Biocon Ltd announced the approval of raising Rs 570 crore by issuing commercial papers via private placement, as per a board decision. The company also improved its ESG scores, achieving a score of 69 in 2024, which positions it in the 98th percentile globally in the biotechnology sector.

Biocon Ltd has revealed plans to raise Rs 570 crore through the issuance of commercial papers on a private placement basis, a decision ratified in its latest board meeting as per regulatory filings.

Commercial papers are short-term, unsecured financial instruments issued by corporations to cost-effectively meet funding requirements.

In another announcement, Biocon celebrated an upward trajectory in its Environmental, Social, and Governance (ESG) scores, achieving a 69 in S&P Global's Corporate Sustainability Assessment for 2024, positioning it in the top 98th percentile among global biotech peers.

(With inputs from agencies.)