MUMBAI, Oct. 22 -- Gland Pharma Ltd, which is majority owned by China's Fosun group, has received the Securities and Exchange Board of India's (Sebi) approval to go ahead with its proposed Rs.6,000 crore IPO, a person aware of the development told Mint.

The company, backed by China's Fosun Pharma, had filed the draft red herring prospectus (DRHP) for its IPO with Sebi in July. It develops, manufactures and markets complex injectables.

The company plans to raise Rs.1,250 crore in fresh capital through the IPO, while the existing promoters plan to sell around 34 million shares, which could be worth around Rs.4,750 crore.

The company will use the proceeds of the IPO for capital expenditure and working capital requirements.

"There is a st...