Shares of Biocon closed 3% higher at Rs. 456 on BSE today. The pharma major is planning to get its subsidiary Syngene listed with the market regulators. It owns 86% stake in Syngene.
Talking to CNBC TV-18, Kiran Mazumdar Shaw, CMD, Biocon disclosed the plans for the filing the Draft Red Herring Prospectus (DRHP). She said that they are in the process of getting approvals from Foreign Investment Promotion Board (FIPB) and Securities and Exchange Board of India (Sebi) and therefore, she hopes that the company will be listed by July.
On being asked about the timing for the IPO, she added, "Syngene has enjoyed a very robust and steady growth and we as a company want to ensure that we keep seeing this positive trajectory and we felt that this was a time that Syngene was now ready to go to the market."