Biocon to sell 25 percent in arm; plans IPO

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Bangalore: Biocon will launch an IPO for its fully-owned contract research subsidiary Syngene this financial year, reported Economic Times.

It is learned that the company may offload around 20 to 25 percent of its holding in Syngene as well as make an issue of fresh shares. Biocon registered 29 percent rise in the income from contract research in the fiscal ended March 2008 to Rs 1.76 billion.
Shares of the company gained Rs 4, or 0.79 percent, to end at Rs 508.85. The total volume of shares traded was 1,282,574 at the BSE.

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