Biocon acquires stake in Ampin C&I Power Twelve

Biocon has acquired an equity stake in Ampin C&I Power Twelve (AMPIN), a Special Purpose Vehicle (SPV) formed for the generation and supply of solar power, by investing around Rs 5.47 crore towards the subscription of 54.76 lakh equity shares. To enhance the renewable based power consumption, Biocon has acquired and will maintain equity stake in AMPIN throughout the terms of the Power Purchase Agreement and Share Purchase, Subscription and Shareholders Agreement (Agreements) entered between the Company and AMPIN to maintain captive status as per Electricity Act. This acquisition aligns with the company’s renewable energy objectives, supporting the procurement of green energy and advancing its decarbonization goals and will help the company in reducing its energy cost and carbon footprint. With the above investment, the company will hold 59.76 lakh Equity shares of AMPIN representing 37.77% of its paid-up share capital (on an undiluted basis) as on date. However, post the proposed investment by other entities in AMPIN, the aforesaid percentage of investment of the Company will stand reduced to 15.91% of the paid-up share capital of AMPIN (on a fully diluted basis) as per the terms of the Agreements entered by the Company. $BIOCON