Anil Agarwal-led Sterlite Power Transmission (SPTL) is looking to bring about a public issue to raise Rs 1,250 crore from the primary market. The company has recently filed preliminary papers with the markets regulator SEBI.
The IPO that consists entirely of fresh equity shares worth Rs 1,250 crores with a face value of Rs 2 each will be listed on BSE and NSE both. The company will reserve shares for the employees of the company.
SPTL may also consider a pre-IPO placement of shares worth Rs 220 crore, in which case the number of shares offered in the
IPO will be reduced.
Billionaire Agarwal and Twin Star Overseas the promoters of the electricity transmission infrastructure firm. It is a part of Vedanta Group and deals in global infrastructure and solutions.
The global infrastructure business line bids for, designs, constructs, owns and operates power transmission assets and currently has operations in India and Brazil.
The solutions business line consists of the products sub-segment, which manufactures and supplies a wide range of products including high-performance power conductors, optical ground wire and extra-high voltage cables; and the master system integration sub-segment, which provides solutions for the upgrade, uprate and fiberisation of existing transmission infrastructure projects.
Also, the company operates the convergence business line, which leverages existing power utility infrastructure for telecommunications purposes by building optical fibre infrastructure on top of existing utility networks.
The company plans to use the proceeds from the IPO for payment of debt availed by the company and Khargone Transmission Limited (KTL).
The company has appointed ICICI Securities, Axis Capital, and JM Financial as the lead book-running managers of the issue.
(Edited by : Yashi Gupta)
First Published: Aug 17, 2021 1:19 PM IST
