Mumbai: Syngene, a subsidiary of Biocon, on Monday said it has received the Foreign Investment Promotion Board (FIPB) approval for raising foreign investment in the company to 44 percent from the earlier approved 10 percent.
The said investment would be made when Syngene comes out with its initial public offer (IPO).
The equity shares of Syngene are proposed to be listed on BSE and the National Stock Exchange (NSE).
"We have received the FIPB approval to increase the foreign investment limit in our company...This approval will enable us to look to broaden our global investor base," Syngene International CEO Peter Bains said in a statement.
The IPO is an offer for sale (OFS) by Biocon of a part of its shareholding in Syngene. The Biocon Group presently holds 83.6 percent equity stake in Syngene, a India-based contract research organisation.
In January, Biocon Research Limited (a wholly-owned subsidiary of Biocon) transferred 10 percent stake in Syngene to IVF Trustee Company Private Limited for Rs 380 crore.
