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Sterlite Electric Ltd. has applied for an IPO with 77.9 crore fresh shares and 77.9 crore shares via OFS
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Twin Star Overseas Ltd. holds 69.46% of Sterlite Electric’s pre-IPO equity and is offloading shares via OFS
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IPO proceeds will fund Rs 350 crore debt repayment, Rs 225 crore capital expenditure, and corporate purposes
Vedanta Group company Sterlite Electric Ltd. has applied for an initial public offering of shares. The IPO consists of a fresh issue of 77.9 lakh equity shares of face value of Rs 2 each and an offer for sale by existing shareholders of 77.9 lakh shares.
Twin Star Overseas Ltd. is the promoter offloading stake via the OFS route. It holds 69.46% of the pre-IPO equity capital in Sterlite Electric.
The Mauritius-registered firm is a subsidiary of Vedanta Resources Ltd. and acts as a parent organisation for companies like Sterlite Technologies Ltd., Sterlite Electric Ltd., and Serentica Renewables India 9 Ltd.
Vedanta owns 1.35% in Sterlite Electric.
Kailash Chandra Maheshwari, Jacob John G, and Ramguru Radhakrishnan are other shareholders making their offer in the OFS, according to the draft red herring prospectus.
Sterlite Electric plans to utilise funds from the IPO fresh issue for repayment of debt (Rs 350 crore), funding capital expenditure (Rs 225 crore) and general corporate purposes.
As on Sept. 20, 2025, the aggregate outstanding borrowings of the company on a consolidated basis is Rs 3,486 crore.
Besides, the capex will go towards expansion at the company's Vadodara facility for purchase of plant, machineries and equipment over fiscal 2027.
Axis Capital Ltd., Motilal Oswal Investment Advisors Ltd., and Nuvama Wealth Management Ltd. are the merchant bankers to the IPO.
About Sterlite Electric
Sterlite Electric manufactures and supplies a wide range of overhead conductors, power cables supply and solutions, optical ground wire, and provide master system integration services. It has customers in over 70 countries, including USA, Brazil, Sweden, South Africa, Egypt, UAE, Chile, Peru.
The company operates four manufacturing facilities across India —Jharsuguda (Odisha), Piparia (Dadra and Nagar Haveli) and Rakholi (Dadra and Nagar Haveli) specialise in overhead conductor production; facilities in Haridwar (Uttarakhand) focus on power cables; and Piparia plant also focuses on OPGW.
As of March 31, 2025, Sterlite Electric's annual installed capacity was 117,195.60 metric tonnes for overhead conductors, 2,400 kilometers for power cables, and 21,000 kilometers for OPGW.
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