Hyundai Motor India has obtained approval for its initial public offering from the Securities and Exchange Board of India, according to two sources familiar with the situation. The South Korean automaker plans to raise $3 billion at a roughly $20 billion valuation,

India's biggest initial public offer is set to hit the floors, with market regulator Sebi approving the draft red herring prospectus of Hyundai Motor'.

India's market regulator has approved an initial public offering of Hyundai Motor India , two sources with direct knowledge of the matter told Reuters.

If the listing plans fructify, this deal, a pure OFS or offer for sale by the promoter, would be India Inc's biggest-ever IPO and beat the earlier record set by state-owned LIC's $2.7 bn listing in 20