Executive Centre India files preliminary papers with SEBI to raise Rs 2,600 crore through IPO
The IPO is entirely a fresh issue of equity shares with no OFS component
Executive Centre India has filed preliminary papers with markets regulator Securities and Exchange Board of India (SEBI) to garner Rs 2,600 crore through an initial public offering (IPO). The IPO is entirely a fresh issue of equity shares with no offer-for-sale (OFS) component.
The company intends to use the proceeds for investment in subsidiary TEC Abu Dhabi, for financing the part-payment of the consideration for the acquisition of step-down subsidiaries -- TEC SGP and TEC Dubai -- from TEC Singapore, one of its corporate promoters. Kotak Mahindra Capital Company, ICICI Securities and Nomura Financial Advisory and Securities (India) are the book-running lead managers to the issue.
Executive Centre India is one of the early international brands to lead the offering of premium flexible workspace solutions amongst the flexible workspace operators currently operating in India.
