July 15 (Reuters) - India's markets regulator has

approved an initial public offering by WeWork India Management

, the domestic franchisee of the U.S. shared office

space manager, according to a regulatory notice on Tuesday.

WeWork India had filed draft papers for the IPO in early

February.

The offer

consists of 33 million equity shares held by Indian real

estate firm Embassy Group and 10.3 million equity

shares held by 1 Ariel Way Tenant. The company will not issue

new shares.

It has not disclosed how much it intends to raise through

the IPO.

WeWork India is controlled by real estate tycoon Jitu

Virwani and his son Karan, who own Bengaluru-based developer

Embassy Group.

Karan Virwani is also the CEO of WeWork India.