Sterlite Power files DRHP with Sebi

NEW DELHI: Billionaire Anil Agarwal-led Sterlite Power Transmission has filed preliminary papers with capital markets regulator Sebi to raise ₹1,250 crore through an initial share-sale.

The initial public offer (IPO) will see sale of equity shares aggregating up to ₹1,250 crore by the company, according to draft red herring prospectus (DRHP).

The offer will include a reservation of shares for employees of the company.

Proceeds of the IPO will be used for payment of certain borrowings availed by the company and Khargone Transmission Limited (KTL).

The company may consider a pre-IPO placement aggregating up to ₹220 crore. If such placement is completed, the issue size will be reduced.

Sterlite Power is promoted by Agarwal and Twin Star Overseas. The electricity transmission infrastructure firm, part of Vedanta group, has two business lines—global Infrastructure and solutions.

The global infrastructure business line bids for, designs, constructs, owns and operates power transmission assets and currently has operations in India and Brazil.

The solutions business line consists of the products subsegment, which manufactures and supplies a wide range of products including high performance power conductors, optical ground wire and extrahigh voltage cables; and the master system integration subsegment, which provides solutions for the upgrade, uprate and fiberisation of existing transmission infrastructure projects. Also, the company operates the convergence business line, which leverages existing power utility infrastructure for telecommunications purposes by building optical fibre infrastructure on top of existing utilities networks.