Executive Centre India has received the Securities and Exchange Board of India’s (SEBI's) approval to raise 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 its 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.
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.
