Biocon moves up on planning to acquire 26% stake in AREREPL

Biocon is currently trading at Rs. 312.20, up by 1.90 points or 0.61% from its previous closing of Rs. 310.30 on the BSE.

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The scrip opened at Rs. 309.50 and has touched a high and low of Rs. 312.75 and Rs. 309.50 respectively. So far 4227 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 414.30 on 19-Jul-2021 and a 52 week low of Rs. 308.25 on 29-Jun-2022.

Last one week high and low of the scrip stood at Rs. 339.85 and Rs. 308.25 respectively. The current market cap of the company is Rs. 37254.62 crore.

The promoters holding in the company stood at 60.64%, while Institutions and Non-Institutions held 23.98% and 15.39% respectively.

Biocon is planning to acquire 26 per cent stake in AMPYR Renewable Energy Resources Eleven (AREREPL) for Rs 7.5 crore. AREREPL was incorporated on April 13, 2021.

It is a special purpose vehicle formed for generation and supply of solar power. It will develop a 30 MWac solar power plant at Benkanhal village in Karnataka.

To enhance the renewable-based power consumption, the company will acquire and maintain 26 per cent stake in AREREPL throughout the term of the power purchase agreement to maintain captive status as per Electricity Act, share purchase/subscription agreement and shareholders agreement.

Biocon is India’s largest and Asia’s leading Biotechnology Company with a strategic focus on biopharmaceuticals and research services.

It is a fully integrated, innovation driven biopharma enterprise offering affordable solutions for chronic diseases to patient’s worldwide.

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