India's biggest and 5th largest IPOs get Sebi nod

Hyundai Motor India has obtained approval for its initial public offering from the Securities and Exchange Board of India (SEBI), according to two sources familiar with the situation.

The South Korean automaker plans to raise $3 billion at a roughly $20 billion valuation, sources previously told Reuters.

This would make it the first carmaker to go public in India in two decades, following market leader Maruti Suzuki's IPO in 2003.