Biocon issues commercial paper worth Rs2,250 crore on private placement basis

24 Nov 2022 , 02:21 PM

Biocon Limited informed that it has issued Commercial Papers (CP) of Rs2,250 crore on a private placement basis.

The CPs are valid for 91 days and are issued at an interest rate of 7.75% p.a. The maturity date for such instruments is February 23, 2023.

These commercial papers are issued in favour of SBI Mutual Fund, and ICICI Prudential Mutual Fund.

As per the ratings issued by Ind-Ra, these instruments are rated IND A1+, and ICRA A1+ by ICRA Limited.

At around 2.23 PM, Biocon was trading at Rs274.80 down by 1.89% from its previous closing of Rs280.10 on the BSE. The scrip touched intraday high and low of Rs283.10 and Rs274.60 respectively.

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