The board of directors of Biocon has approved the scheme of arrangement for merger of Biocon Biopharmaceuticals, a wholly owned subsidiary, with the company.

The scheme is subject to approval of members and the High Court of Karnataka with an appointed date of April 1, 2012, the company said in a release to the BSE.

Biocon has posted a 12.49 per cent rise in its consolidated net profit rose at Rs 78.80 crore for the first quarter ended June 30, 2012.

It had posted a net profit of Rs 70.05 crore in the April-June quarter of the 2011-12 fiscal, the company said in a statement today.

Consolidated total income rose to Rs 576.68 crore from Rs 443.48 crore.

Ms Kiran Mazumdar-Shaw, Chairman and Managing Director, Biocon, said: “we have seen strong performances across all our business verticals and this reflects the success of our segmented business model.”

(This article was published on July 26, 2012)
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