BENGALURU, Jan. 14 -- 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 Rs.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.

The remaining proceeds will be allocated towards general corporate purposes, according to the draft IPO ...