Vedanta plans $1 Bn IPO for Sterlite Energy
Wednesday, 23 January 2008, 23:09 IST
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Mumbai: Vedanta Resources is planning to make an initial public offer (IPO) to raise $1 billion for Sterlite Energy, a subsidiary of its group company and Indian non-ferrous metals producer Sterlite Industries. "We are planning for a $1-billion IPO for Sterlite Energy in the next few months," Vedanta Resources Chairman Anil Agarwal told reporters here Wednesday. Agarwal, however, said it was too early to set a date for the IPO. "I can't really give you a date but it will be in a few months time. Bankers and advisers are working on it," Agarwal said. Agarwal said the London Stock Exchange-listed Vedanta Resources is also considering options to sell shares via a pre-IPO placement. He added that the company plans to participate in coal-based power generation projects through the subsidiary, Sterlite Energy Ltd. "We are looking at 10,000 MW commercial power generation by 2012," he said. The power plants are likely to be set up in Orissa and Jharkhand, he said. "We are planning to raise $8.50 billion for this project. We are looking at 30 percent equity and 70 percent debt financing options for these projects," said Agarwal.
Source: IANS
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