Biocon, a leading biotechnology company, shares witnessed a rise in share prices on Friday after Silver Leaf Oak, an investment vehicle advised by India Value Fund Advisor, has agreed to acquire a minority 10% stake in the company's research services subsidiary Syngene International. Silver Leaf will acquire the stake from Biocon Research at a valuation of Rs 38 billion.

The transaction is subject to standard condition precedents including regulatory approvals. Post the completion of this transaction, Biocon and BRL will jointly hold 85.54% stake in Syngene.

Shares of Biocon are trading at Rs 511.50, up Rs 11.55, or 2.31% at the Bombay Stock Exchange (BSE) on Friday at 10:11 a.m. The scrip has touched an intra-day high of Rs 514.90 and low of Rs 506.95. The total volume of shares traded at the BSE is 127,877.