The Board of Directors of Biocon Limited at its meeting held today, i.e. on Wednesday, April 26, 2023, has considered and approved the transaction for issuance of Secured, Redeemable, Non-Convertible Debentures (NCDs) aggregating upto Rs. 500 crores (Rupees Five Hundred Crores only) on private placement basis to ESOF III Investment Fund managed by Edelweiss Alternate Asset Advisors Limited (EAAA) and EAAA.

The return profile of NCDs is linked to BBL share price subject to minimum IRR of 12%. The proceeds from the NCDs will be further invested by Biocon Limited as Optionally Convertible Debenture (OCDs) in BBL on similar terms as the NCDs.

Further, the Board of Directors of Biocon Biologics Limited (BBL) has considered and approved the execution of the transaction documents for issuance of Compulsory Convertible Debentures (CCDs) of BBL aggregating upto Rs. 300 crores (Rupees Three Hundred Crores only) to Investors.

CCDs will convert to 1:1 BBL shares with a contingent coupon to guarantee minimum 12% IRR.

The consummation of above transactions are subject to customary regulatory approvals and conditions precedent