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With refinancing done, focus will now be on debt reduction: Biocon Biologics CFO

Money Control

Money Control · 9m ago

With refinancing done, focus will now be on debt reduction: Biocon Biologics CFO

- Biocon Biologics, a subsidiary of Biocon Limited, has refinanced debt worth $1.1 billion through a mix of offshore bonds and term loans. - The company aims to repay the borrowed money used to acquire the global biosimilars portfolio of Viatris Inc, worth over $3 billion, in 2022. - Through the issuance of bonds due 2029, Biocon Biologics has raised $800 million at a coupon of 6.67%. - The funds raised will be used to substantially refinance the existing debt. - The company now plans to focus on reducing its debt burden by exploring various options, including potential debt reduction through an initial public offering (IPO). - The structure of the bond issuance allows Biocon Biologics to take advantage of potential future interest rate cuts.

Related News

Biocon Biologics to sell branded formulations biz to Eris Life for ₹1,242 cr

Livemint

Livemint · 1y ago

Biocon Biologics to sell branded formulations biz to Eris Life for ₹1,242 cr

Eris Lifesciences is set to acquire the domestic branded formulation business of Biocon Biologics for INR 1,242 crore. This deal will allow Eris to enter India's injectables market with major insulin brands. The transaction is expected to be completed by April 2024 and will also mark Eris' entry into oncology and critical care. The acquisition will help Eris expand its diabetes care franchise and reach a revenue of INR 1,000 crore. Additionally, over 430 employees will transition from Biocon Biologics to Eris as part of the deal.

Biocon launches QIP to raise ₹4,500 crore

Livemint

Livemint · 17d ago

Biocon launches QIP to raise ₹4,500 crore

Biocon Ltd is set to raise ₹4,500 crore ($523 million) by launching a qualified institutional placement (QIP) issue, selling an 11.6% stake. The raised capital will be used to purchase outstanding optionally convertible debentures from its subsidiary, Biocon Biologics, and repay company debts. The term sheet indicates a floor price of ₹340.20 per equity share, with an indicative floor price of ₹323.20. This strategic move aims to strengthen Biocon's financial stability.

ChrysCap-backed Eris Life acquires Biocon Biologics' India formulations business

VCCircle

VCCircle · 1y ago

ChrysCap-backed Eris Life acquires Biocon Biologics' India formulations business

Mumbai-based pharmaceutical company Eris Lifesciences, backed by private equity firm ChrysCapital, is set to acquire Biocon Biologics' India branded formulation business for $150 million. The deal, including insulin brands Basalog and Insugen, is expected to be finalized by 15 April, 2024. Eris aims to strengthen its diabetes care franchise and expand into the oncology and critical care sectors. The acquisition also includes a 10-year supply agreement with Biocon Biologics. This move follows Eris's previous acquisitions in the neuropsychiatry and dermatology sectors. Eris Lifesciences operates with a domestic-branded formulations business model and has a distribution network of over 2,000 stockists and 500,000 chemists.

Booking Profits: How IPO-Bound OYO Turned Things Around In FY24

Inc42 · 11m ago

Booking Profits: How IPO-Bound OYO Turned Things Around In FY24

Hospitality company OYO is set to refile its draft prospectus for an initial public offering (IPO) and is working on refinancing its debt before going public. Sources suggest that the OYO IPO might be delayed for up to a year as the company awaits the terms of refinancing for a $660 million loan. OYO has been focusing on cutting costs and improving its operating efficiency, with a particular focus on spiritual travel, which has shown promising growth. While competition is stiff in some markets, OYO has found success in Nordic countries, Southeast Asia, and parts of the UK and US.

Signature Global to raise Rs 875 cr by August via debentures to refinance debt, future growth

Economic Times

Economic Times · 7d ago

Signature Global to raise Rs 875 cr by August via debentures to refinance debt, future growth

Realty firm Signature Global plans to raise up to Rs 875 crore through non-convertible debentures (NCDs) for debt refinancing and business expansion. Signature Global's board approved the fund-raising effort, subject to shareholders' approval, with Rs 450 crore earmarked for debt refinancing and the remainder for growth. The company aims to execute this fundraising by August. Signature Global has shifted its focus from affordable housing to mid-income and premium segments due to high land costs.

India Ratings downgrades Infra.Market; company plans to raise Rs 2,500 crore via IPO - The Economic Times

Economic Times

Economic Times · 3d ago

India Ratings downgrades Infra.Market; company plans to raise Rs 2,500 crore via IPO - The Economic Times

Infra.Market plans a Rs 2,500 crore IPO but faces a downgrade from India Ratings due to debt refinancing concerns and negative cash flow. While the company reports improved financials and equity infusions, reliance on refinancing is highlighted. Acuité Ratings gives a stable outlook, acknowledging revenue growth but noting high debt. Despite reported financial improvements, India Ratings cites liquidity pressures and stretched receivables, particularly in its Singapore subsidiary.

Morgan Stanley-led Wall Street banks free books from X buyout debt

Economic Times

Economic Times · 2m ago

Morgan Stanley-led Wall Street banks free books from X buyout debt

Wall Street banks, led by Morgan Stanley, finally offloaded Twitter's buyout debt from their books. These banks sold the last $1.23 billion portion of the $13 billion debt associated with Elon Musk's acquisition, now under X Holdings Corp. Initially facing investor hesitance, improved financials and demand allowed for a successful sale. The refinancing also reduced interest expenses significantly. X plans to evolve with AI and subscriptions, targeting a $20 billion investment.

Eris Lifesciences acquires India-branded formulation business of Biocon Biologics for ₹1,242 crore

Thehindubusinessline

Thehindubusinessline · 1y ago

Eris Lifesciences acquires India-branded formulation business of Biocon Biologics for ₹1,242 crore

Eris Lifesciences is set to acquire Biocon Biologics' India-branded formulation business for ₹1,242 crore. The deal will enhance Eris' presence in the domestic injectables sector and propel it into a top position in the insulin segment. The agreement includes trademarks, net working capital, and around 430 employees. Additionally, Eris will enter the fields of oncology and critical care through the acquisition. The deal also includes a 10-year supply agreement and a tech-transfer component. The acquisition, along with the recent purchase of Swiss Parenterals, aims to position Eris as a major player in the Indian injectables market.

BharatPe elevates Nalin Negi as CEO

Thehindubusinessline

Thehindubusinessline · 1y ago

BharatPe elevates Nalin Negi as CEO

BharatPe, a major Fintech player, has promoted Nalin Negi as its CEO after serving as interim CEO and CFO for over a year. Negi was appointed as the CFO in 2022 following the resignation of Suhail Sameer. Under Negi's leadership, BharatPe witnessed a 182% increase in revenue in FY23 and achieved its first EBITDA positive month in October 2023. With over 28 years of fintech and banking experience, Negi will focus on driving innovation and empowering merchants across India. BharatPe will now search for a new CFO. Recently, the company underwent a management restructuring, promoting Sandeep Indurkar as CEO of the payment vertical.

Sebi clears IPOs of Sunshine Pictures, M&B Engineering, and Lumino Industries

Economic Times

Economic Times · 16d ago

Sebi clears IPOs of Sunshine Pictures, M&B Engineering, and Lumino Industries

The Securities and Exchange Board of India (SEBI) has approved IPOs for Sunshine Pictures, M&B Engineering, and Lumino Industries. Sunshine Pictures plans to issue 83.75 lakh shares, with proceeds aimed at working capital and corporate needs. M&B Engineering will raise Rs 653 crore, targeting machinery, debt repayment, and working capital. Lumino Industries seeks Rs 1,000 crore, with a focus on debt reduction, capital expenditure, and general purposes. These IPOs reflect a diverse range of industries entering the market.

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