Biocon Ltd. (532523.BY) Wednesday said a GE Capital unit will pay 1.25 billion rupees ($23 million) to buy a 7.69% stake in its research services unit, which is looking at conducting an initial public offering.
The GE Capital offer values the research unit -- Syngene International Ltd. -- at 16.25 billion rupees, establishing a “base value” for the company, Biocon Chairman and Managing Director Kiran Mazumdar-Shaw told Dow Jones Newswires.
