India, June 3 -- SaaS startup Capillary Technologies has received approval from its board to raise INR 2,250 Cr (around $263 Mn) through an initial public offering (IPO).

The Warburg Pincus-backed company plans to raise INR 500 Cr through issuance of fresh shares while it will have an offer for sale (OFS) component of INR 1,750 Cr where some of its shareholders will dilute their holdings, as per regulatory filings accessed by Inc42.

The board of Capillary Technologies approved the proposal to raise the aforesaid funds via an IPO on May 23. However, the decision is subject to approval from shareholders of the company.

Inc42 had reported in January that Capillary Technologies was planning to file its draft red herring prospectus (DRHP) w...