Valiant Organics subsidiary files IPO papers with SEBI

Valiant Laboratories, the material subsidiary of Valiant Organics, has filed a draft red herring prospectus with the capital markets regulator Securities and Exchange Board of India (SEBI) for fund raising via initial public offering. "The filing draft papers dated June 5 is in relation to its proposed IPO by way of fresh issue of up to 1,15,56,000 equity shares," the company said in its filing to exchanges.

Valiant Laboratories has proposed a listing of shares on BSE Limited, and the National Stock Exchange of India.

It is an active pharmaceutical ingredient (API) manufacturing company, having a focus on the manufacture of paracetamol.

Valiant Organics share price settled at Rs 609.95 on the BSE, up 1 percent on June 6.