Reliance Capital’s debt swells; ADQ invests in Biocon Biologics

Reliance Capital’s debt swells to Rs 20,380 crore

Anil Ambani-led Reliance Capital has said its total outstanding debt rose to nearly Rs 20,380 crore by end-December 2020. In September last year, it had reported a total debt of Rs 19,806 crore. Now, the principal amount due to HDFC Ltd is Rs 523.98 crore and to Axis Bank Rs 100.63 crore, Reliance Capital said in regulatory filings at stock exchanges. “The total amount of outstanding borrowings from banks and financial institutions works out to Rs 700.76 crore, including accrued interest up to December 31,” it said. “Total financial indebtedness of the listed entity, including short-term and long-term debt and accrued interest, was Rs 20,379.71 crore at the end of December 2020.” The company said delay in debt servicing is due to prohibition to dispose off, alienate, encumber either directly or indirectly or otherwise part with the possession of any assets by the Delhi High Court, the Debts Recovery Tribunal in Mumbai and the Bombay High Court.

Biocon Biologics gets Rs 555 crore capital injection from ADQ

Abu Dhabi-based ADQ will invest Rs 555 crore for 1.8 per cent minority stake in Biocon Biologics, valuing it at a post money valuation of 4.17 billion dollars (about Rs 30,482 crore). Post the completion of transaction, Biocon Ltd will hold 89.89 per cent stake in Biocon Biologics on a fully diluted basis. “This investment is an endorsement of the value that Biocon Biologics business has built as a fully integrated pure-play biosimilars company and will enable us to expand our capabilities further,” said Kiran Mazumdar-Shaw, Executive Chairperson of Biocon.

“We welcome ADQ as our investment partner as we pursue our shared goal of expanding access to high-quality, affordable biopharmaceuticals to patients across the globe,” she said in a statement on Thursday. Christiane Hamacher, CEO and Managing Director of Biocon Biologics, said the ADQ equity funding in Biocon Biologics endorses the value of company’s business model and strengthens its resolve to be the global leader in biologics, delivering affordable access to innovative and inclusive healthcare solutions, transforming patients’ lives.

Mohamed Hassan Alsuwaidi, Chief Executive Officer of ADQ, said: “Our long-term ambition for ADQ’s healthcare and pharma portfolio is to create a provision-centred, digitally enhanced ecosystem that is anchored in world-class clinical excellence, effective population health management and resilient supply chain infrastructure.” 

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