Sterlite Electric files DRHP with SEBI to raise up to Rs 15 billion through IPO

Reportedly, Sterlite Electric, a wholly owned subsidiary of Vedanta Group, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise up to Rs 15 billion. The IPO will comprise a fresh issue of 7.79 million equity shares and an offer for sale of up to 7.79 million equity shares, totalling 15.5 million shares. The proceeds from the fresh issue will be used for debt repayment or prepayment, capital expenditure, and general corporate purposes.