Sterlite Power files draft papers with Sebi to raise Rs 1,250-cr via IPO

Billionaire Anil Agarwal-led Sterlite Power Transmission has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,250 crore through an initial share-sale. The initial public offer (IPO) will see sale of equity shares aggregating up to Rs 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 Rs 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

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