Sterlite Power and ESDS IPOs get approval
Sterlite Power filed draft papers with Sebi in August to raise around ₹1,250 crore. ESDS Software Solution Ltd IPO consists of a fresh issue of ₹322 crore.
Sterlite Power Transmission Ltd and ESDS Software Solution Ltd have got approval from the Securities and Exchange Board of India (Sebi) to raise funds via initial public offerings (IPOs).
Anil Agarwal-led Sterlite Power filed draft papers with Sebi in August to raise around ₹ 1,250 crore.
The proceeds from the issue will be used to repay debt of the firm and its arm Khargone Transmission Ltd (KTL). As of March, the amount outstanding under its fund-based and non–fund-based working capital and term loan facilities was ₹7,323.99 crore.
Axis Capital, ICICI Securities and JM Financial are lead managers to the issue.
Nashik-based cloud services and data centre firm ESDS Software Solution Ltd’s IPO consists of a fresh issue of ₹322 crore and an offer for sale of up to 21.53 million shares by existing shareholders and promoters.The OFS includes an issue of up to 4.23 million shares by ESDS Partners LLC and up to 16.86 million shares by South Asia Growth Fund II LP.
The proceeds from the issue will be used to buy cloud computing equipment for its data centres. The firm has estimated the cost of purchase at ₹155 crore.
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