Sterlite Electric has filed draft papers with markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,500 crore through an initial public offering (IPO). The IPO is a mix of fresh issue of 77.9 lakh equity shares and an equal number of shares under offer for sale (OFS) by a promoter and existing shareholders.
The proceeds from the fresh issue will be utilised to repay or prepay some of its outstanding borrowings, to fund capital expenditure for expansion, including the purchase of new plants, machinery and equipment, and for general corporate purposes. To assist the public offering, the company has appointed Axis Capital, Motilal Oswal Investment Advisors and Nuvama Wealth Management as merchant bankers.
Sterlite Electric is engaged in manufacturing capital goods and providing system integration solutions in the power transmission and distribution (T&D) sector, catering to both domestic and international markets.
