Flexible workspace solutions provider Executive Centre India has filed its draft red herring prospectus with Sebi to garner Rs 2,600 crore through an initial public offering (IPO).
Executive Centre’s IPO
The IPO is entirely a fresh issue of equity shares. The company plans to use the proceeds primarily for investment in subsidiary TEC Abu Dhabi, for financing the part-payment of the consideration for acquisition of step-down subsidiaries, TEC SGP and TEC Dubai, from TEC Singapore, one of its corporate promoters.
This transaction is being carried out in accordance with the terms of the internal restructuring agreement, the company said. The remaining proceeds will be allocated towards general corporate purposes.
Banker of the issue
Kotak Mahindra Capital Company, ICICI Securities and Nomura Financial Advisory and Securities are the bankers to the issue.
Recently, Sebi approved IPO of co-working player WeWork.
Smartworks Co-working Spaces raised Rs 584 crore through IPO this month.