Sterlite Power Transmission Ltd., controlled by billionaire Anil Agarwal, has hired JM Financial and Axis Capital for a planned initial public offering, according to people with knowledge of the matter.
The firm, part of the Vedanta group, plans to raise about 30 billion rupees ($403 million) in the financial year through March, the people said, asking not to be identified as the details are private. A prospectus is expected to be filed by September, they added.
The IPO will mainly consist of new shares, and more bankers may be added as plans progress, one of the people said.
Emails to Sterlite Power, Axis Capital and JM Financial weren’t answered outside of business hours in Mumbai on Sunday.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.