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Biocon Ltd. — Capital/Financing Update 2026
May 7, 2026
61176_rns_2026-05-08_17956e70-aa6f-4d08-8d47-ddf656e08048.pdf
Capital/Financing Update
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Biocon
Biocon Limited
20th KM, Hosur Road
Electronic City
Bangalore 560 100, India
T: 91 80 2808 2808
F: 91 80 2852 3423
CIN: L24234KA1978PLC003417
www.biocon.com
BIO/SECL/TG/2026-27/15
May 07, 2026
| To,
The Secretary
BSE Limited
Department of Corporate Services
Phiroze Jeejeebhoy Towers,
Dalal Street, Mumbai – 400 001 | To,
The Secretary
National Stock Exchange of India Limited
Corporate Communication Department
Exchange Plaza, Bandra Kurla Complex
Mumbai – 400 051 |
| --- | --- |
| Scrip Code – 532523 | Scrip Symbol - Biocon |
Dear Sir/Madam,
Subject: Monitoring Agency Report for the quarter ended on March 31, 2026
Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 173A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Monitoring Agency Reports dated May 07, 2026 issued by India Ratings & Research Private Limited, Monitoring Agency, in respect of utilisation of proceeds raised through Qualified Institutions Placements by the Company, for the quarter ended March 31, 2026.
The Audit Committee and Board of Directors of the Company have reviewed and took note of the Monitoring Agency Reports at their respective meetings held today i.e., on May 07, 2026.
The above-mentioned information will also be available on the website of the Company at www.biocon.com.
Kindly take the above information on record and acknowledge.
Thanking You,
For Biocon Limited
RAJESH U SHANOY
Digitally signed by
RAJESH U SHANOY
Date: 2026.05.07
23:57:34 +05'30'
Rajesh U. Shanoy
Company Secretary and Compliance officer
ICSI Membership Number: A16328
Encl: as above
IndiaRatings & Research
Fitch Group
Date: 7th May 2026
To,
Biocon Limited.
20th KM, Hosur Road, Electronic City,
Bangalore, Karnataka – 560 100
Subject: Monitoring Agency Report for the quarter ended 31st March 2026 in relation to Qualified Institutions Placement (QIP).
Dear Sir,
Pursuant to Regulation 173A (2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated 16th June 2025, please find enclosed herewith the Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of QIP, for the quarter ended March 31, 2026.
Request you to kindly take the same on records.
Thanking You,
For and on behalf of India Ratings & Research Private Limited
SHRIKANT Digitally signed
GANDHI by SHRIKANT
DEV GANDHI DEV
Date: 2026.05.07
19:14:14 +05'30'
Name: Shrikant Dev
Designation: Company Secretary
India Ratings & Research Private Limited A Fitch Group Company
Wockhardt Towers, Level 4, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai 400 051
Tel: +91 22 4000 1700 Fax: +91 22 4000 1701 CIN/LLPIN: U67100MH1995FTC140049 www.indiaratings.co.in
IndiaRatings &Research
Fitch Group
Report of the Monitoring Agency (MA)
Name of the issuer: Biocon Limited
For quarter ended: 31st March 2026
Name of the Monitoring Agency: India Ratings & Research Private Limited
(a) Deviation from the objects: No deviation from the objects.
Based on the Management undertaking and as per the Statutory Auditor Certificate dated 6th May 2026 issued by B S R & Co. LLP, Chartered Accountants (FRN – 101248W/W-100022) having UDIN 26063980RASJZF4331* and other documents provided to us, no deviation from the objects has been observed.
*The reference to the Statutory Auditor Certificate anywhere in the MA report refers to the said Certificate.
(b) Range of Deviation: Not Applicable.
Declaration:
We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013.
The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.
We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title "Comments of the Board of Directors", that shall be captured by the Issuer's Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer's Management/Board.
Signature:
SHRIKANT
GANDHI DEV
Digitally signed by
SHRIKANT GANDHI DEV
Date: 2026.05.07
19:14:50 +05'30'
Name and designation of the Authorized Signatory: Shrikant Dev (Company Secretary)
Date: 7th May 2026.
IndiaRatings &Research
Fitch Group
1) Issuer Details:
| Name of the issuer: | Biocon Limited |
|---|---|
| Names of the promoters: | • Kiran Mazumdar-Shaw |
| • Glentec International | |
| Industry/sector to which it belongs: | Biopharmaceuticals |
2) Issue Details:
| Issue Period: | 16th June 2025 to 19th June 2025 |
|---|---|
| Type of issue (public/rights): | Qualified Institutions Placement (QIP) |
| Type of specified securities: | 13,63,63,635 Equity Shares of FV ₹ 5 each @ ₹ 330.00 per Equity Share. |
| IPO Grading, if any: | Not Applicable |
| Issue size: | INR 45,000.00 Million |
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|
| Whether all utilization is as per the disclosures in the Offer Document? | Yes | Management undertaking, Statutory Auditor Certificate, Placement Document, Relevant Bank Statements, No Due Certificate. | No Comments | No Comments |
| Whether shareholder approval has been obtained in case of material deviations from expenditures disclosed in the Offer Document? | NA | Management undertaking | No Comments | No Comments |
| Whether the means of finance for the disclosed objects of the issue has changed? | No | Management undertaking | No Comments | No Comments |
| Is there any major deviation observed over the earlier monitoring agency reports? | No | NA | No Comments | No Comments |
Page 2 of 8
IndiaRatings &Research
Fitch Group
| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|
| Whether all Government/Statutory approvals related to the object(s) have been obtained? | NA | Management undertaking | No Comments | No Comments |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? | NA | Management undertaking | No Comments | No Comments |
| Are there any favorable events improving the viability of these object(s)? | No | Management undertaking | No Comments | No Comments |
| Are there any unfavorable events affecting the viability of the object(s)? | No | Management undertaking | No Comments | No Comments |
| Is there any other relevant information that may materially affect the decision making of the investors? | No | Management undertaking | No Comments | No Comments |
Page 3 of 8
IndiaRatings &Research
Fitch Group
4) Details of object(s) to be monitored:
i. Cost of object(s)-
| Sr. No. | Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report | Original cost (as per the Offer Document) (INR Million) | Revised Cost (INR Million) | Comments of the Monitoring Agency | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Reason of Cost revision | Proposed financing option | Particulars of firm arrangements made | ||||||
| 1 | Purchase of outstanding optionally convertible debentures issued by our Subsidiary, Biocon Biologics Limited from Goldman Sachs India AIF Scheme – 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme – 2 | Management undertaking, Placement Document | 17,100.00 | 16,980.46* | Refer* | No Comments | NA | NA |
| 2 | Repayment, pre-payment or redemption, in full or in part, of certain outstanding financial instruments issued by our Company, borrowings availed by our Company, and/or meeting other financial commitments of our Company | 27,150.00 | NA | No Comments | No Comments | NA | NA | |
| 3 | General Corporate Purposes | 50.00 | 185.53* | Refer* | No Comments | NA | NA | |
| 4 | Issue related expenses | 700.00 | 684.01 | Refer* | No Comments | NA | NA | |
| TOTAL | 45,000.00 |
*The Placement document states, "if the actual utilization towards the objects is lower than the proposed deployment, such balance will be used for general corporate purposes". Accordingly, the lower utilization of INR 119.54 Mn towards object no. 1 on account of exchange rate fluctuation is added to General Corporate Purposes. Further, surplus available from issue expense of INR 15.99 Mn is also added to GCP.
Page 4 of 8
IndiaRatings & Research
Fitch Group
ii. Progress in the object(s) –
| Sr. No. | Item Head | Source of information/certifications considered by Monitoring Agency for preparation of report | Amount as proposed in the Offer Document (INR Million) | Revised Allocation (INR Million) (A)* | Amount Utilized (INR Million) | Total unutilized amount out of A (INR Million) | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter | During the quarter | At the end of the quarter | Reason s for idle funds | Proposed course of action | |||||||
| 1 | Purchase of outstanding optionally convertible debentures issued by our Subsidiary, Biocon Biologics Limited from Goldman Sachs India AIF Scheme - 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme - 2 | Management undertaking, Statutory Auditor Certificate, Placement Document, Relevant Bank Statements, No Due Certificate. | 17,100.00 | 16,980.46 | 16,980.46 | - | 16,980.46 | - | No Comments | No Comments | No Comments |
| 2 | Repayment, pre-payment or redemption, in full or in part, of certain outstanding financial instruments issued by our Company, borrowings availed by our Company, and/or meeting other financial commitments of our Company | 27,150.00 | 27,150.00 | 21,077.68 | 6,072.32 | 27,150.00 | - | ||||
| 3 | General Corporate Purposes | 50.00 | 185.53 | - | 185.53 | 185.53 | - | ||||
| 4 | Issue related expenses | 700.00 | 684.01 | 684.01 | - | 684.01 | - | ||||
| TOTAL | 45,000.00 | 45,000.00 | 38,742.15 | 6,257.85 | 45,000.00 | - |
*The Placement document states, "if the actual utilization towards the objects is lower than the proposed deployment, such balance will be used for general corporate purposes". Accordingly, the lower utilization of INR 119.54 Mn towards object no. 1 on account of exchange rate fluctuation is added to General Corporate Purposes. Further, surplus available from issue expense of INR 15.99 Mn is also added to GCP.
Page 5 of 8
IndiaRatings &Research
Fitch Group
iii. Deployment of unutilized issue proceeds:
| Sr. No. | Type of instrument and name of the entity invested in | Amount invested (INR Million) | Maturity date | Earnings (INR Million) ^ | Return on Investment (%) | Market Value as at the end of the quarter (INR Million) |
|---|---|---|---|---|---|---|
| Not Applicable |
iv. Delay in implementation of the object(s)
| Object(s) | Completion Date | Delay (no. of days/months) | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| As per the Offer Document | Actual | Reason of Delay | Proposed Course of action | ||
| Purchase of outstanding optionally convertible debentures issued by our Subsidiary, Biocon Biologics Limited from Goldman Sachs India AIF Scheme – 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme – 2 | Fiscal 2026 | 30thJun’25 | NA | NA | NA |
| Repayment, pre-payment or redemption, in full or in part, of certain outstanding financial instruments issued by our Company, borrowings availed by our Company, and/or meeting other financial commitments of our Company | Fiscal 2026 – INR 6,000.00 Mn | ||||
| Fiscal 2027 – INR 21,150.00 Mn | By 31stMar’26 | NA | NA | NA | |
| General Corporate Purposes | Fiscal 2026 | By 31stMar’26 | NA | NA | NA |
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:
| Sr. No. | Item Head | Amount (INR Million) | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|---|
| 1 | Fulfilment of financial commitments (Repayment of NCD’s including Interest - ESOF III Investment fund) and Vendor Payments | 185.53 | Management undertaking, Statutory Auditor Certificate, Placement Document, Relevant Bank Statements, No Due Certificate. | The company has utilized funds allocated towards GCP for purposes stated in object no. 2 | No Comments |
| TOTAL | 185.53 |
IndiaRatings &Research
Fitch Group
Disclaimers:
The MA Report is prepared by India Ratings. India Ratings has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable.
India Ratings declare that the MA Report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018. This declaration forms part of and applies to each MA Report that is issued by India Ratings. The MA Report does not constitute an offer of services. Access or use of any MA Report does not create a client relationship between India Ratings and the Applicant or between India Ratings and User of the report.
This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments.
Please note that the information presented in the MA Report is based solely on the review of the requisite information, documents, papers, statements received from the Company with regard to the use of the Issue Proceeds including the status of implementation of the activities proposed to be funded out of the Issue proceeds as stated in the Prospectus. India Ratings has not verified any source of information such as invoices, ledgers or payment receipts and other documents either in normal course or in case of deviations from the objects, as the same is the duty of the management and the statutory auditors. India Ratings has relied in good faith and without any liability, upon the contents thereof. The user of the MA Report should understand that India Ratings does not perform an audit and undertakes no independent verification of any information/certifications/statements it receives from auditors, lawyers, chartered engineers or other experts, and relies on in its reports. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to India Ratings. In issuing the MA Report, India Ratings may rely on the representations and certifications from the issuer and experts, including statutory auditors with respect to financial statements, attorneys with respect to legal and tax matters and other entities considered reliable by India Ratings. The Company shall be solely responsible and liable for any omission, commission, errors and misrepresentations in the contents of the Information provided to India Ratings. India Ratings disclaims any liability arising out of the contents of the information provided by the Company and in no event shall be held liable to anyone for any damages or claims arising out of such information.
India Ratings may rate the Company or any debt instruments or facilities issued or proposed to be issued by the Company that is subject matter of the MA Report.
As India Ratings have only acted in the capacity of a monitoring agency, the MA Report does not, in any way, constitute an opinion regarding securities, expressed in the form of standard symbols or in any other standardized manner and does not include any qualitative and quantitative assessment of the probability of default on payment of interest and principal on a debt instrument. The content of the MA Report does not constitute any recommendation to buy, hold or sell any securities. The MA Report does not comment on the quality of the objects of the issue, reasonableness of costs or spending by the issuer against any objects / heads or assurance on outcome of such spending, the adequacy of market price or market liquidity, suitability of any security for an investor. The MA Report does not provide to any party any financial advice, or legal, auditing, accounting, appraisal, valuation or actuarial services and should not be viewed as a replacement for such advice or services.
Page 7 of 8
IndiaRatings &Research
Fitch Group
The issuance of the MA Report by India Ratings shall not constitute consent by the agency to use its name as an expert in connection with any registration statement, offering document or other filings under any relevant securities laws.
India Ratings is neither construed to be nor acting under the capacity or nature of an 'expert' as defined under Section 2(38) of the Companies Act, 2013. It is issuing the MA Report solely in the capacity of a monitoring agency and that the same shall not be construed to be an opinion of an expert, as it relies on certificates, confirmations and representations of reliable stakeholders such as auditors, banks and others.
Page 8 of 8
IndiaRatings & Research
Fitch Group
Date: 7th May 2026
To,
Biocon Limited.
20th KM, Hosur Road, Electronic City,
Bangalore, Karnataka – 560 100
Subject: Monitoring Agency Report for the quarter ended 31st March 2026 in relation to Qualified Institutions Placement (QIP).
Dear Sir,
Pursuant to Regulation 173A (2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated 31st December 2025, please find enclosed herewith the Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of QIP, for the quarter ended March 31, 2026.
Request you to kindly take the same on records.
Thanking You,
For and on behalf of India Ratings & Research Private Limited
SHRIKANT
GANDHI DEV
Digitally signed by
SHRIKANT GANDHI DEV
Date: 2026.05.07
19:25:55 +05'30'
Name: Shrikant Dev
Designation: Company Secretary
India Ratings & Research Private Limited A Fitch Group Company
Wockhardt Towers, Level 4, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai 400 051
Tel: +91 22 4000 1700 Fax: +91 22 4000 1701 CIN/LLPIN: U67100MH1995FTC140049 www.indiaratings.co.in
IndiaRatings &Research
Fitch Group
Report of the Monitoring Agency (MA)
Name of the issuer: Biocon Limited
For quarter ended: 31st March 2026
Name of the Monitoring Agency: India Ratings & Research Private Limited
(a) Deviation from the objects: No deviation from the objects.
Based on the Management undertaking and as per the Statutory Auditor Certificate dated 6th May 2026 issued by B S R & Co. LLP, Chartered Accountants (FRN – 101248W/W-100022) having UDIN 26063980FDFCZQ6821* and other documents provided to us, no deviation from the objects has been observed.
*The reference to the Statutory Auditor Certificate anywhere in the MA report refers to the said Certificate.
(b) Range of Deviation: Not Applicable.
Declaration:
We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013.
The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.
We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title "Comments of the Board of Directors", that shall be captured by the Issuer's Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer's Management/Board.
Signature:
SHRIKANT
Digitally signed by
SHRIKANT GANDHI DEV
Date: 2026.05.07
19:26:35 +05'30'
GANDHI DEV
Name and designation of the Authorized Signatory: Shrikant Dev (Company Secretary)
Date: 7th May 2026.
IndiaRatings &Research
Fitch Group
1) Issuer Details:
| Name of the issuer: | Biocon Limited |
|---|---|
| Names of the promoters: | • Kiran Mazumdar-Shaw |
| • Glentec International | |
| Industry/sector to which it belongs: | Biopharmaceuticals |
2) Issue Details:
| Issue Period: | 12th January 2026 to 14th January 2026 |
|---|---|
| Type of issue (public/rights): | Qualified Institutions Placement (QIP) |
| Type of specified securities: | 11,26,64,585 Equity Shares of FV ₹ 5 each @ ₹ 368.35 per Equity Share. |
| IPO Grading, if any: | Not Applicable |
| Issue size: | INR 41,500.00 Million |
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|
| Whether all utilization is as per the disclosures in the Offer Document? | Yes | Management undertaking, Statutory Auditor Certificate, Placement Document, Relevant Bank Statements, Holding Statement, No Dues Certificate. | No Comments | No Comments |
| Whether shareholder approval has been obtained in case of material deviations from expenditures disclosed in the Offer Document? | NA | Management undertaking | No Comments | No Comments |
| Whether the means of finance for the disclosed objects of the issue has changed? | No | Management undertaking | No Comments | No Comments |
| Is there any major deviation observed over the earlier monitoring agency reports? | NA | NA | No Comments | No Comments |
Page 2 of 8
IndiaRatings &Research
Fitch Group
| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|
| Whether all Government/Statutory approvals related to the object(s) have been obtained? | NA | Management undertaking | No Comments | No Comments |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? | NA | Management undertaking | No Comments | No Comments |
| Are there any favorable events improving the viability of these object(s)? | No | Management undertaking | No Comments | No Comments |
| Are there any unfavorable events affecting the viability of the object(s)? | No | Management undertaking | No Comments | No Comments |
| Is there any other relevant information that may materially affect the decision making of the investors? | No | Management undertaking | No Comments | No Comments |
Page 3 of 8
IndiaRatings &Research
Fitch Group
4) Details of object(s) to be monitored:
i. Cost of object(s)-
| Sr. No. | Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report | Original cost (as per the Offer Document) (INR Million) | Revised Cost (INR Million) | Comments of the Monitoring Agency | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Reason of Cost revision | Proposed financing option | Particulars of firm arrangements made | ||||||
| 1 | Payment of cash consideration to Mylan Inc. ("Mylan") for acquisition of shares of Biocon Biologics Limited ("Biocon Biologics"), our Subsidiary, including repayment of debt availed in this regard | Management undertaking, Placement Document | 36,200.00 | 36,036.71 | Refer* | No Comments | NA | NA |
| 2 | Re-payment of debt availed in respect of the acquisition of compulsorily convertible debentures ("CCDs") of Biocon Biologics, our Subsidiary, held by ESOF III Investment Fund and EAAA India Alternatives Limited (formerly known as Edelweiss Alternative Asset Advisors Limited) (collectively referred to as "Edelweiss") | 4,100.00 | 4,088.93 | Refer* | No Comments | NA | NA | |
| 3 | General Corporate Purposes | 500.00 | 732.36 | Refer* | No Comments | NA | NA | |
| 4 | Issue related expenses | 700.00 | 642.00 | Refer* | No Comments | NA | NA | |
| TOTAL | 41,500.00 | 41,500.00 |
*The Placement document states, "if the actual utilization towards the objects is lower than the proposed deployment, such balance will be used for general corporate purposes". Accordingly, the lower utilization towards issue related expenses and object no. 1 & 2 is added to General Corporate Purposes.
IndiaRatings & Research
Fitch Group
ii. Progress in the object(s) –
| Sr. No. | Item Head | Source of information/certifications considered by Monitoring Agency for preparation of report | Amount as proposed in the Offer Document (INR Million) | Revised Allocation (INR Million) (A) | Amount Utilized (INR Million) | Total unutilized amount out of A (INR Million) | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter | During the quarter | At the end of the quarter | Reason s for idle funds | Propose d course of action | |||||||
| 1 | Payment of cash consideration to Mylan Inc. ("Mylan") for acquisition of shares of Biocon Biologics Limited ("Biocon Biologics"), our Subsidiary, including repayment of debt availed in this regard | Management undertaking, Statutory Auditor Certificate, Placement Document, Relevant Bank Statements, Holding Statement, No Dues Certificate. | 36,200.00 | 36,036.71 | - | 36,036.71 | 36,036.71 | - | No Comments | No Comments | No Comments |
| 2 | Re-payment of debt availed in respect of the acquisition of compulsorily convertible debentures ("CCDs") of Biocon Biologics, our Subsidiary, held by ESOF III Investment Fund and EAAA India Alternatives Limited (formerly known as Edelweiss Alternative Asset Advisors Limited) (collectively referred to as "Edelweiss") | 4,100.00 | 4,088.93 | - | 4,088.93 | 4,088.93 | - | ||||
| 3 | General Corporate Purposes | 500.00 | 732.36 | - | 718.86 | 718.86 | 13.51 | ||||
| 4 | Issue related expenses | 700.00 | 642.00 | - | 642.00 | 642.00 | - | ||||
| TOTAL | 41,500.00 | 41,500.00 | - | 41,486.49 | 41,486.49 | 13.51 |
IndiaRatings &Research
Fitch Group
iii. Deployment of unutilized issue proceeds:
| Sr. No. | Type of instrument and name of the entity invested in | Amount invested (INR Million) | Maturity date | Earnings (INR Million) | Return on Investment (%) | Market Value as at the end of the quarter (INR Million) |
|---|---|---|---|---|---|---|
| Bank Balance: | ||||||
| 1 | Balance lying in HSBC Bank Escrow a/c | 12.36 | - | - | - | - |
| 2 | Balance lying in Kotak Bank Monitoring a/c | 1.15 | - | - | - | - |
| TOTAL | 13.51 |
iv. Delay in implementation of the object(s)
| Object(s) | Completion Date | Delay (no. of days/months) | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| As per the Offer Document | Actual | Reason of Delay | Proposed Course of action | ||
| Payment of cash consideration to Mylan Inc. (“Mylan”) for acquisition of shares of Biocon Biologics Limited (“Biocon Biologics”), our Subsidiary, including repayment of debt availed in this regard | Fiscal 2026 | By 31stMar’26 | NA | NA | NA |
| Re-payment of debt availed in respect of the acquisition of compulsorily convertible debentures (“CCDs”) of Biocon Biologics, our Subsidiary, held by ESOF III Investment Fund and EAAA India Alternatives Limited (formerly known as Edelweiss Alternative Asset Advisors Limited) (collectively referred to as “Edelweiss”) | Fiscal 2026 | By 31stMar’26 | NA | NA | NA |
| General Corporate Purposes | Fiscal 2026 | Ongoing | NA | NA | NA |
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:
| Sr. No. | Item Head | Amount (INR Million) | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|---|
| 1 | Meeting Expenses / Vendor Payments / Professional Fees | 718.86 | Management undertaking, Statutory Auditor Certificate, Placement Document, Relevant Bank Statements | No Comments | No Comments |
| TOTAL | 718.86 |
IndiaRatings &Research
Fitch Group
Disclaimers:
The MA Report is prepared by India Ratings. India Ratings has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable.
India Ratings declare that the MA Report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018. This declaration forms part of and applies to each MA Report that is issued by India Ratings. The MA Report does not constitute an offer of services. Access or use of any MA Report does not create a client relationship between India Ratings and the Applicant or between India Ratings and User of the report.
This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments.
Please note that the information presented in the MA Report is based solely on the review of the requisite information, documents, papers, statements received from the Company with regard to the use of the Issue Proceeds including the status of implementation of the activities proposed to be funded out of the Issue proceeds as stated in the Prospectus. India Ratings has not verified any source of information such as invoices, ledgers or payment receipts and other documents either in normal course or in case of deviations from the objects, as the same is the duty of the management and the statutory auditors. India Ratings has relied in good faith and without any liability, upon the contents thereof. The user of the MA Report should understand that India Ratings does not perform an audit and undertakes no independent verification of any information/certifications/statements it receives from auditors, lawyers, chartered engineers or other experts, and relies on in its reports. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to India Ratings. In issuing the MA Report, India Ratings may rely on the representations and certifications from the issuer and experts, including statutory auditors with respect to financial statements, attorneys with respect to legal and tax matters and other entities considered reliable by India Ratings. The Company shall be solely responsible and liable for any omission, commission, errors and misrepresentations in the contents of the Information provided to India Ratings. India Ratings disclaims any liability arising out of the contents of the information provided by the Company and in no event shall be held liable to anyone for any damages or claims arising out of such information.
India Ratings may rate the Company or any debt instruments or facilities issued or proposed to be issued by the Company that is subject matter of the MA Report.
As India Ratings have only acted in the capacity of a monitoring agency, the MA Report does not, in any way, constitute an opinion regarding securities, expressed in the form of standard symbols or in any other standardized manner and does not include any qualitative and quantitative assessment of the probability of default on payment of interest and principal on a debt instrument. The content of the MA Report does not constitute any recommendation to buy, hold or sell any securities. The MA Report does not comment on the quality of the objects of the issue, reasonableness of costs or spending by the issuer against any objects / heads or assurance on outcome of such spending, the adequacy of market price or market liquidity, suitability of any security for an investor. The MA Report does not provide to any party any financial advice, or legal, auditing, accounting, appraisal, valuation or actuarial services and should not be viewed as a replacement for such advice or services.
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IndiaRatings &Research
Fitch Group
The issuance of the MA Report by India Ratings shall not constitute consent by the agency to use its name as an expert in connection with any registration statement, offering document or other filings under any relevant securities laws.
India Ratings is neither construed to be nor acting under the capacity or nature of an 'expert' as defined under Section 2(38) of the Companies Act, 2013. It is issuing the MA Report solely in the capacity of a monitoring agency and that the same shall not be construed to be an opinion of an expert, as it relies on certificates, confirmations and representations of reliable stakeholders such as auditors, banks and others.
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