BENGALURU: Executive Centre India Ltd, a premium flexible workspace solutions operator that is part of Hong Kong-based The Executive Centre (TEC), said on Wednesday it has received regulatory approval for its proposed initial public offering. The Mumbai-based company plans to raise ₹2,600 crore through a fresh issue of shares. The proceeds of the IPO will be used to invest in TEC Abu Dhabi, a direct subsidiary, and pay a part of the consideration for the acquisition of TEC Singapore and TEC Dubai, two step-down subsidiaries held by one of the company’s corporate promoters, pursuant to an internal restructuring agreement.
