New Delhi, October 15 (HS). Ahmedabad-based pharmaceutical company Senores Pharmaceuticals Limited has received approval from the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO). The company had filed papers with SEBI to launch its IPO on July 26, 2024. The company plans to raise Rs 500 crore through this IPO.
The company said in a statement issued on Tuesday that capital markets regulator SEBI has given its approval to launch its IPO. According to Senores Pharmaceuticals Limited, SEBI has issued an observation letter on October 9. In this IPO of the company with face value of Rs 10 each, there is a proposal for new issue of Rs 500 crore and sale of 24 lakh shares.
According to the company, these shares include a proposal for sale of 8.5 lakh equity shares of Swapnil Jatinbhai Shah, 5.5 lakh equity shares of Ashok Kumar Vijay Singh Barot, 3 lakh equity shares of Sangeeta Mukur Barot and 10 lakh equity shares of Prakash M Sanghvi. Additionally, the offer also includes reservation for membership by eligible employees.
It is noteworthy that Ahmedabad based Senores Pharmaceuticals Limited is a global research driven pharmaceutical company. The company is engaged in the development and manufacturing of differentiated complex pharmaceutical products. The promoters’ stake in the company is 66.67 per cent, while the remaining shares are held by public shareholders.
Hindusthan News / Prajesh Shankar
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