The securities and exchange board of India has given the approval to Pennar Engineered Building Systems to float an initial public offer (IPO).

The company is a subsidiary of Hyderabad-based Pennar Industries, it had filed its draft red herring prospectus (DRHP) with Sebi in March through its lead merchant banker Motilal Oswal Investment Advisors.

On July 10, Sebi issued its final observations on the draft offer documents, which is necessary for any company to launch a public offer.

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