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The market regulator SEBI has provided its approval to the drug firm Zenotech Laboratories for raising up to Rs 120 crore through an issue of shares to its existing shareholders.
In January, the company had filed draft papers with the Securities and Exchange Board of India (Sebi) and got the regulator’s ‘observations’ on April 5.
For any company Sebi’s ‘observation’ is necessary to launch public offers like rights issue, initial public offer (IPO) and follow-on public offer (FPO).
Zenotech Laboratories, as per the draft papers, aims to garner up to Rs 120 crore on rights basis to existing shareholders. In a rights issue, shares are issued to existing shareholders as per their holding at a pre-determined price and ratio.
