New Delhi, April 30 -- Hindustan Laboratories Limited, 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, has received observations from SEBI for its proposed IPO.

The offer, with a total issue size of up to 1,41,00,000 equity shares of face value Rs10 each, comprises a fresh issue of up to 50,00,000 equity shares and an offer for sale (OFS) of up to 91,00,000 equity shares.

Rajesh Vasantray Doshi is the promoter selling shareholder and will offload up to 91,00,000 shares under the OFS. Meanwhile, the company proposes to utilise the net proceeds towards funding its working capital requirements and g...