Biocon gains as arm Syngene gets Sebi nod for IPO
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Shares of Biocon were trading higher by 2% at Rs 457 on the BSE in early morning trade after Syngene International, research arm of biotechnology major, has received Securities Exchange Board of India’s (Sebi) approval to launch an initial public offer (IPO).
As per the draft papers, Syngene International plans to sell 22 million equity shares, including reservation of up to two million shares for Biocon shareholders, through an offer for sale, the PTI report suggests.
Biocon along with its subsidiary Biocon Research Limited currently holds an 84.5% equity stake in Syngene, the company said in a press release.
The stock opened at Rs 459 and hit a high of Rs 460 on the BSE. A combined 191,753 shares changed hands on the counter on the BSE and NSE.
At 0926 hours, the S&P BSE Sensex was down 56 points at 26,531 and CNX Nifty by 20 points at 7,996.
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