SEBI approves Sterlite Power’s IPO to raise Rs 12.50 billion

The Securities and Exchange Board of India (SEBI) has approved Sterlite Power’s initial public offering (IPO) to raise around Rs 12.50 billion.

Sterlite Power had filed the draft documents with the market regulator in August 2021. The proposed IPO will comprise a fresh issue of equity shares of the face value of Rs 2 each, aggregating up to Rs 12.50 billion. The company will leverage the proceeds from the issue for the repayment of the debt of the firm and its arm Khargone Transmission Limited (KTL) and for general corporate purposes.