Sterlite Power Transmission and ESDS Software Solution received Sebi’s nod to raise funds through initial share sales. Both the companies filed their preliminary IPO documents with Sebi, the regulator of the capital market.
Sterlite Power Transmission and ESDS Software Solution got observation letters from Sebi on December 2 and December 3, as per the data uploaded on the Sebi website. According to the reports, Sterlite Power Transmission is looking forward to raising Rs 1,250 crore through an initial share sale.
Proceeds of the IPO are to be used for payment of certain borrowings by the company and its arm Khargone Transmission Limited (KTL). The IPO of ESDS Software Solution consists of a fresh issue of shares worth Rs 322 crore and an Offer for Sale (OFS) of up to 2.15 crore equity shares by investor shareholders and a member of the promoter group.
“The OFS comprises sale of up to 1.68 crore equity shares by South Asia Growth Fund II LP, up to 42.31 lakh equity shares by GEF ESDS Partners LLC, up to 4 lakh equity shares by Sarla Prakashchandra Somani, and up to 34,000 equity shares by South Asia EBT Trust.” according to business-standard.
