Construction firm PSP Projects has received markets regulator Sebi's approval to float initial public offering, reported PTI. It had filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (Sebi) in December. The construction firm received observation from the regulator on March 24. Th company's public issue comprises a fresh issue of up to 72 lakh equity shares and offers for sale of up to 28.80 lakh units by existing shareholders. Proceeds from the fresh issue will be utilized towards funding working capital requirements and for general corporate purposes. Karvy Investor Services and Motilal Oswal Investment Advisors will manage the company's maiden public offer. The Ahmedabad-based firm is a multi-disciplinary construction firm and provides its services ranging from planning and design to construction and post-construction activities
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