Anil Agarwal's Sterlite Power Transmission hires two banks for IPO

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.