Sterlite Power Files for Rs. 1,250 Crore IPO

In an attempt to raise money from the share market, Anil Agarwal-led Sterlite Power Transmission (SPTL) has filed draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI).

According to the DRHP filed with the capital markets regulator, the IPO will consist entirely of fresh equity shares worth Rs 1,250 crore with a face value of Rs 2 each.

SPTL has mentioned that proceeds of the IPO will be used for payment of certain borrowings availed by Sterlite Power and Khargone Transmission Limited (KTL) and for general corporate purposes.

Sterlite Power manufactures power products and develops electric power transmission infrastructure. SPTL is promoted by Vedanta Group Chairman Mr. Anil Agarwal and Mauritius-based firm Twin Star Overseas Ltd.