Billionaire Anil Agarwal led Sterlite Power Transmission on Tuesday filed its draft red herring prospectus (DRHP) with the market regulatory body Securities Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). Ixigo is planning to Rs.1250 crores via the IPO.
The company has reserved 75 per cent of the IPO for Qualified Institutional Buyers (QIBs),15 per cent for Non-Institutional Bidders, and the remaining 10 per cent for retail investors.
The company stated that it may consider a pre-IPO placement of equity shares of up to Rs 220 crore. The company may reduce the shares if the placement is conducted. In the DRHP it was also stated that the proceeding from the IPO will be used for repaying or prepay certain borrowings availed by the company and Khargone Transmission Limited (KTL). A part of the proceeding will be reserved for the employees.
As reported by The Economic Times, Sterlite Power manufactures power products, and is in the business of power transmission and offers solutions for problems of the intersection of time-space and capital. It is the second most prominent power transmission company of India after PowerGrid.
Axis Capital, ICICI Securities, and JM Financial have been appointed as the book running lead managers for the IPO.
