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

Sterlite Industries's wholly owned subsidiary Sterlite Energy Ltd has filed a draft Red Herring prospectus with the market regulator, Securities and Exchange Board of India (SEBI) for its proposed initial public offering aggregating to Rs 51,000 million. The company intends to utilize the net proceeds from the IPO in order to part 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.