Biocon to buy 26% stake in Hinduja Renewables Two

Biotechnology major Biocon on Monday said it has inked an agreement for the acquisition of 26% stake on a fully diluted basis in Hinduja Renewables Two Pvt Ltd for Rs 5.91 crore.

The indicative time period for completion of the acquisition is December 15, 2020, Biocon said in a BSE filing.

The cost of the acquisition is Rs 5,91,61,730 for the acquisition of 26% stake on a fully diluted basis in one or more tranches, it added.

The object of the stake acquisition is to enhance the renewable-based power consumption, the filing said.

Shares of Biocon Ltd closed at Rs 419.35 per scrip on BSE, down 0.18% from its previous close.

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