Suraksha Diagnostic gets Sebi's go ahead to raise funds through IPO

Integrated diagnostic chain Suraksha Diagnostic Ltd has received Sebi's go ahead to raise funds through an initial public offering (IPO), an update with the markets regulator showed on Monday.

The Kolkata-headquartered company's proposed IPO consists of an Offer-for-Sale (OFS) of up to 1.92 crore equity shares by promoters and investor shareholders, with no fresh issue component, according to the Draft Red Herring Prospectus (DRHP).

Under the OFS, promoters -- Somnath Chatterjee, Ritu Mittal, Satish Kumar Verma and investors -- OrbiMed Asia II Mauritius Ltd, Munna Lal Kejriwal and Santosh Kumar Kejriwal will offload shares.

The company, which had filed preliminary IPO papers in July, obtained the regulator's observation on September 30, the update showed.

In Sebi's parlance, obtaining its observations means the regulator's go ahead to float the public issue.

As per the draft papers, the company will not receive any proceeds and all the funds will go to the selling shareholders as