Sterlite Energy files IPO papers with SEBI
Sterlite Energy, a part of London listed Vedanta Resources, has filed a draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI)
The company is planning to raise Rs 5,100 crore through this initial public offering (IPO).
Sterlite Energy is a 100% subsidiary of Sterlite Industries. A successful IPO would make it the second largest Indian offering in recent times, after NHPC’s Rs 6,000 crore IPO. Sterlite Energy is engaged in the commercial power generation business and is currently developing thermal power projects in Jharsuguda, Orissa and Talwandi, Punjab, with a combined proposed installed capacity of 4,380 Mw. The company said it planned to use the proceeds to part-fund two thermal power plants.
The proposed IPO of equity shares of Rs 10 each will be offered at a premium, to be decided later. The shares are proposed to be listed on the BSE and the NSE.
