Sterlite Power, a subsidiary of Anil Agarwal-led Vedanta Group, will soon go for public listing. The Vedanta Group, based in London, has already sent a postal ballot notice to its shareholders informing them of its plans to float an initial public offering (IPO).

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According to an Economic Times report, the company has advised shareholders that it may explore passing its IPO plans as a special resolution. According to the report, the group intends to issue shares worth Rs 2,000 crore initially.

The stock price has risen from Rs 550-560 per unit to Rs 780-800 per unit in just a week, sending the grey market — the unregulated market for trading in unlisted shares — into a frenzy. Traders in the grey market have kicked off a buying spree of the stock.

The company now has a 6 crore share equity capital and is expected to dilute 20 percent of its stock through the IPO, valuing itself at more than Rs 10,000 crore. In terms of market share, Sterlite Power holds the second spot after PowerGrid.

Last month, Sterlite Power — among the leading developers of power transmission infrastructure — secured a funding of Rs 580 crore from the Rural Electrification Corporation Limited, a public infrastructure finance company in the power sector, for its Udupi Kasargode Transmission Project.

This power transmission project will span across Karnataka and Kerala.

Meanwhile, Sterlite Power has also announced an equal partnership with global investment manager AMP Capital to develop greenfield power transmission projects in India.

First Published:Jul 6, 2021 12:41 PM IST