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| Sterlite Energy mulls IPO to raise Rs 3,000 cr |
| Press Trust Of India / New Delhi Jul 13, 2009, 00:32 IST |
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Sterlite Energy, a wholly-owned subsidiary of Vedanta Group firm Sterlite Industries, may hit the capital market soon with a public offering to raise up to Rs 3,000 crore to part finance its expansion plans.
“Sterlite Energy is planning to come out with an Initial Public Offer (IPO) in next 3-4 months,” sources close to the development said.
The company may dilute up to 10 per cent of its stake to raise about Rs 3,000 crore to fund its expansion programme.
When contacted Vedanta Resources spokesperson declined to comment. Sterlite Energy is working to set up two commercial power projects — a 2,400 Mw plant at Jharsuguda in Orissa and another 1,980 Mw utility in Punjab at an investment of about Rs 15,000 crore.
The company has already tied up finances worth Rs 6,150 crore for its Orissa project. In addition, Sterlite Industries is infusing a capital of Rs 2,050 crore. In the first phase, the firm will commission 600 Mw of the 2,400 Mw power plant in Orissa by this September-October.
Vedanta Resources group companies, including Sterlite Industries and Hindustan Zinc, plan a cumulative capital expenditure of Rs 20,000 in the next one year to take the overall power production (captive and commercial) to 6,500 Mw from the present 4,500 Mw.
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