Shares of Biocon rose over 2 per cent in early trade on Bombay Stock Exchange (BSE) after Syngene International, research arm of biotechnology major received Securities Exchange Board of India's (Sebi) approval to launch an initial public offer (IPO).
As per the draft papers, Syngene International plans to sell 22 million equity shares, including reservation of up to two million shares for Biocon shareholders, through an offer for sale.
Cheering the development, shares of company surged 2.03 per cent in intra-day trade to quote at Rs 455.95 apiece on the BSE.
In a similar trend, shares of the company gained 2.12 per cent to trade at Rs 456 a piece on National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 26,494.83, down 91.72 points, or 0.34 per cent at 11.11 hours.