Billionaire Anil Agarwal’s Sterlite Power hires banks for $403 mn IPO
Sterlite Power Transmission Ltd., controlled by Indian billionaire Anil Agarwal, has picked banks for its planned initial public offering in Mumbai, according to people with knowledge of the matter.
The electricity transmission infrastructure firm, part of Agarwal’s Vedanta NSE -1.23 % group, has selected Axis Bank Ltd., ICICI Securities Ltd. and JM Financial Ltd. to work on the first-time share sale, the people said. The company plans to raise about 30 billion rupees ($403 million) by around March, they said, asking not to be identified as the details are private.
