Biotechnology firm Biocon Ltd on Thursday said its board has approved the acquisition of optionally convertible debentures of its arm Biocon Biologics Ltd from Goldman Sachs for $198.5 million.
The board of directors, at its meeting held on June 26, 2025, approved the acquisition of optionally convertible debentures (OCDs) of Biocon Biologics Ltd, an unlisted subsidiary, from Goldman Sachs India Alternative Investment Trust AIF Scheme 2 and Goldman Sachs India AIF Scheme-1 (Goldman Sachs), Biocon Ltd said in a regulatory filing.
The parties have entered into an agreement under which Biocon will "purchase 1,125 unlisted, unsecured, redeemable, optionally convertible debentures (OCDs) of Biocon Biologics of the face value of ₹1 crore each for a consideration of rupee equivalent to $198.5 million, which may be varied depending on the date of purchase," it added.
Under the agreement, the company will acquire 1,047 OCDs from Goldman Sachs India Alternative Investment Trust AIF Scheme 2 and 78 OCDs from Goldman Sachs India AIF Scheme-1, it added.