Flemingo Travel Retail has received Sebi’s approval to raise Rs.2,600 crore, through an initial public offering (IPO).

The company had filed its draft papers with Sebi in February and received its observations on June 22. These observations are necessary for every firm to launch public issue. As per the draft papers, Flemingo will issue fresh shares worth Rs.2,423 crore, besides an offer for sale of 11,29,500 scrips by one of its subsidiary, Flemingo Duty Free Shop Mumbai Pvt Ltd.

Further, the money raised through the public issue will be used towards acquisition of 100% of the equity interest in Flemingo International (UK) Ltd from corporate promoter, Flemingo International.

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