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Hindustan Laboratories Files Draft IPO to Fund Working Capital
Hindustan Laboratories filed draft IPO papers with SEBI to raise capital for working capital and corporate use via a mix of fresh and offer-for-sale shares.
India based generic drugmaker Hindustan Laboratories has filed draft IPO papers with market regulator SEBI to raise funds through an initial public offering of about 1.41 crore shares. The issue consists of a fresh issue of 50 lakh shares alongside an offer for sale of 91 lakh shares by promoter Rajesh Vasantray Doshi. The company plans to use approximately ₹72.5 crore of fresh proceeds to support working capital, with the remainder earmarked for general corporate purposes.