New Delhi, May 1 -- Pharmaceutical company Corona Remedies has submitted preliminary documents to the Securities and Exchange Board of India (Sebi) to seek approval for launching an initial public offering (IPO) worth Rs.800 crore.

The IPO will be entirely an offer for sale (OFS), meaning that no new shares will be issued. Instead, promoters and existing investors will sell their stakes, as detailed in the draft red herring prospectus (DRHP).

As per the DRHP, the promoter group headed by Dr. Kirtikumar Laxmidas Mehta, along with current investor ChrysCapital's affiliates-Sepia Investments, Anchor Partners, and Sage Investment Trust-will offload shares in the proposed offering. ChrysCapital currently owns a 27.5% stake in Corona.

The IP...