Route Mobile gets Sebi's approval to raise Rs 600 crore through IPO

Route Mobile has received Sebi’s nod to raise an estimated Rs 600 crore through the initial public offering (IPO) route. The IPO comprises of a fresh issue worth Rs 350 crore and an offer for sale of up to 65 lakh equity shares by the promoters, Sandipkumar Gupta and Rajdipkumar Gupta.  Motilal Oswal Investment Advisors, IDBI Capital and YES Securities are the bankers to the issue.  The firm plans to utilise the proceeds from the sale towards the repayment of loans and for purchase of premises in London and Singapore, and a business process outsourcing centre in Noida.