Sterlite Energy to tap capital market for Rs 51,000 mn

MUMBAI: Sterlite Energy Ltd, a wholly-owned subsidiary of Sterlite Industries, has filed a draft Red Herring prospectus with the Securities and Exchange Board of India for its proposed initial public offering aggregating to Rs 51,000 million.

The company intends to use the net proceeds from the IPO to partially finance the construction and development of power projects in Jharsuguda and Talwandi.

Sterlite Energy is engaged in the commercial power generation business and is currently developing two thermal power projects in India in Jharsuguda, Orissa and Talwandi, Punjab, with a combined proposed installed capacity of 4,380 mw.

Sterlite Industries shares shot up 7% to Rs 798 on NSE, on the back of this news.