Sterlite Energy files DRHP to raise Rs 5,100 cr

Sterlite Energy, a wholly owned subsidiary of Sterlite Industries, has filed a draft red herring prospectus (DRHP) on Friday with Securities and Exchange Board of India (SEBI) to raise Rs 5100 crore from the capital market.

The proposed initial public offering (IPO) of equity shares of Rs 10 each will be offered at a premium, to be decided later. The company intends to use the net proceeds from the offering to partially finance the construction and development of power projects in Jharsuguda and Talwandi and general corporate purposes.

Sterlite Energy is engaged in the commercial power generation business in India and is currently developing two thermal power projects in Jharsuguda, Orissa and Talwandi, Punjab, respectively, with a combined proposed installed capacity of 4380 MW.

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.

Kotak Mahindra Capital Company, Enam Securities, J P Morgan India and Morgan Stanley India are acting as the global co-ordinators and book running lead managers of the IPO and, ICICI Securities, JM Financial Consultants, SBI Capital Markets and UBS Securities are acting as the book running lead managers to the IPO.