Manpasand Beverages, the maker of fruit drink 'Mango Sip' as well as apple and litchi juices has received approval of the Securities and Exchange Board of India (Sebi) for raising Rs 400 crore via initial public offering (IPO).

The company had filed its draft red herring prospectus (DRHP) with capital market regulator Sebi in November last year for the proposed offer.

Currently, the beverage maker has three manufacturing facilities in Vadodara, Varanasi and Dehradun and plans to use the amount raised by the issue to setting up more manufacturing facility and expansion of the existing facilities.