- Hindustan Laboratories and RK Steel got SEBI approval for their IPOs on April 27
- Hindustan Laboratories will issue 50 lakh fresh shares and 91 lakh promoter shares
- Hindustan Laboratories plans to use IPO funds for working capital and corporate needs
Generic drug maker Hindustan Laboratories and steel tubes and pipes manufacturer RK Steel Manufacturing Company have secured Sebi's approval to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Thursday.
The two companies, Hindustan Laboratories — which filed their preliminary IPO papers on Jan 3 of this year — and RK Steel— which filed their preliminary IPO papers in September — obtained Sebi's observations on April 27.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
In Sebi's parlance, obtaining observations is equivalent to securing approval to float a public offering.
Hindustan Laboratories' maiden public offering comprises a fresh issue of 50 lakh shares, along with an offer for sale (OFS) of 91 lakh shares by the promoter, according to the draft red herring prospectus (DRHP).
ALSO READ | RBL Bank Gets SEBI Nod For Emirates NBD Deal
The company proposes to utilise IPO proceeds for funding the working capital requirements and general corporate purposes.
Hindustan Laboratories is an Indian pharmaceutical company primarily engaged in the large-scale manufacturing and supply of generic medicines to government institutions under a business-to-government (B2G) framework.
RK Steel Manufacturing Company's IPO is entirely a fresh issue of up to 2 crore equity shares with no OFS component, draft papers showed.
The company plans to allocate funds towards repayment or prepayment of certain borrowings, working capital requirements, and general corporate purposes.
Shares of both companies will be listed on the BSE and NSE.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.