Shares of Biocon Ltd plummeted 5% after touching a day’s high of Rs 411.75 on 4th December. This happened after the firm said on Wednesday (3rd December) that its board of directors will meet on Saturday (6th December). They will meet to review two key proposals related to its unlisted material subsidiary Biocon Biologics Limited. The meeting will also cover the company’s future capital requirements.

The board will review a proposal for Biocon Biologics Ltd (BBL) to purchase securities from existing BBL shareholders. Payment may be made in cash or a mix of cash and non-cash. As part of this, Biocon may issue fully paid-up equity shares on a preferential basis to BBL’s shareholders.

The second agenda item is a broader fundraising plan. The board will consider raising capital through commercial paper, equity shares, or other eligible securities. The company said the fundraising could be done through various routes such as QIP, rights issue, preferential issue, or FPO. Other allowed structures may also be considered. It may take place in multiple tranches depending on its needs.

At 11:52 AM, shares of Biocon Ltd were trading 5.09% lower at Rs 389.15 on NSE.

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