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Biocon Shares Trade Higher After Board Sets Floor Price For Rs 4,500-Crore QIP
- Biocon's shares surged after the company's board set the floor price for a Rs 4,500-crore qualified institutional placement (QIP) at Rs 340.20 per share.
- The fundraising will be aimed at institutional investors, offering a possible 5% discount on the floor price.
- The issue price for the QIP will be determined after consulting the book running lead managers.
- The board previously approved raising capital through the issuance of various securities by way of qualified institutional placement or rights issue.
- Biocon's share price rose 1.30% to Rs 361.90 apiece, later settling at Rs 359.20 apiece.
- Analysts show a positive outlook on the company, with most recommending either a 'buy' or 'hold' rating on the stock.
- Biocon's stock performance indicates a 7.02% rise in the last 12 months and a 1.95% fall year-to-date.
- A 12-month analysts' price target suggests a potential 4.3% upside for Biocon.
- Biocon has received approval for a generic diabetes medication by the CDSCO.
- Biocon's total traded volume stood at 3.43 times its 30-day average, with a relative strength index at 68.25.
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