Biocon will hold a meeting of the Board of Directors of the Company on 22 October 2020.

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The Board of Biocon at its meeting held on 22 September 2020 has appointed Anupam Jindal as Chief Financial Officer of the Company effective from conclusion of this Board Meeting. The Board has accepted the step down of Indranil Sen from the position of Interim Chief Financial Officer effective from conclusion of this Board Meeting and he will continue as Vice-President, Finance.

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In July 2020, the board of Biocon Biologics India approved a primary equity investment by Tata Capital Growth Fund. As per the terms of the proposed agreement, Tata Capital will invest Rs 225 crore for a 0.85% minority stake in the biosimilar business, valuing Biocon Biologics at an equity valuation of Rs 26,250 crore, or $3.5 billion, and an enterprise valuation of Rs 30,400 crore, or $4 billion. Post the completion of this transaction, Biocon will hold 95.25% stake in Biocon Biologics.

Biocon Biologics is engaged in developing affordable biosimilars aimed at expanding patient access to therapies across the world. The equity infusion by Tata Capital will enable Biocon Biologics' future growth through prudent capital allocation, while it continues its investments in R&D and manufacturing to meet the growing demands of patients worldwide.

Shares of Biocon slipped 0.94% to Rs 421.40 on the BSE. It traded in the range of 418.80 and 434.15 during the day.

Biocon is a fully integrated, innovation-led global biopharmaceuticals company. Its consolidated net profit fell 28% to Rs 149 crore on a 15% rise in revenue from operations to Rs 1671 crore in Q1 FY21 over Q1 FY20.

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Biocon announced that with relation to execution of a share subscriptionagreement (SSA) and a shareholders' agreement (SHA) between Biocon (the Company), Biocon Biologics India (BBIL), Activ Pine LLP (Existing Investor) and Tata Capital Growth Fund II (Investor) as applicable, the subscription money aggregating to Rs. 225 crore have been received by BBIL from the Investor.

Consequently, the Board of BBIL has approved the allotment of 88,30,456 equity shares of Rs. 10 each at an issue price of Rs. 254.80/- per equity share (including a premium of Rs. 244.80/- per equity share) to the Investor.

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