Billionaire Agarwal’s Sterlite Power Hires Banks for IPO

Anil Agarwal, billionaire and owner of Vedanta Resources Plc, looks on during a panel discussion on the opening day of the Investing in African Mining Indaba in Cape Town, South Africa, on Monday, Feb. 5, 2018. Mining executives, investors and government ministers are meeting in drought-hit Cape Town for the African Mining Indaba, the continent’s biggest gathering of one of its most vital industries. Photographer: Waldo Swiegers/Bloomberg , Bloomberg

Baiju Kalesh, Bloomberg News

Aug 1, 2021

Share

(Bloomberg) --

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.

©2021 Bloomberg L.P.