The sell-off by foreign portfolio investors (FPIs) from the Indian equity markets has provided an opportunity to mutual fund managers, experts believe.

The initial share sale comprises fresh issuance of shares aggregating up to Rs 70 crore and an offer for sale of up to Rs 29 lakh by the company#39;s promoters, according to the draft red herring prospectus (DRHP) filed with Sebi.

The insurer, which had approached the regulator in July seeking its clearance to launch IPO, obtained Sebi#39;s "observations" on November 2, as per the latest update with the market watchdog.

The IPO comprises fresh issuance of shares worth up to Rs 1,300 crore, besides, an offer for sale of up to Rs 250 crore by company#39;s promoter PR Cement Holdings, according to the draft red herring prospectus (DRHP) filed with Sebi.