Executive Centre India to raise ₹2,600 Cr via equity shares
NEW DELHI: Executive Centre India, part of the TEC Group and a provider of flexible workspaces, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The IPO involves a fresh issue of equity shares with a face value of ₹2 each, totaling up to ₹2,600 crore. The company aims to use the net proceeds to invest in its direct subsidiary, TEC Abu Dhabi, for part-payment of acquiring TEC SGP and TEC Dubai, which are currently held by one of its corporate promoters, TEC Singapore. The remaining funds will be used for general…