Biocon completes takeover of Biocon Biologics, shares fall 0.69%
Business
Biocon has officially taken over Biocon Biologics, making it a full subsidiary after swapping shares with 127 existing shareholders.
Even with this big move, the company's stock dipped slightly, down 0.69% to ₹412.40 on Tuesday morning.
Biocon secures shareholder and regulatory approvals
The acquisition got the green light from shareholders earlier in June and cleared all regulatory checks by June 24.
With new shares issued, Biocon's equity capital saw a small bump.
After the announcement, over one million shares traded hands as prices moved between ₹411.20 to ₹416.70, still below its recent high in May but keeping Biocon's market value strong at nearly ₹670 billion.