SEBI Puts Sterlite Electric IPO on Hold; Vedanta Group Firm Aimed to Raise ₹1,500 Crore

Mumbai, October 28, 2025: The Securities and Exchange Board of India (SEBI) has put the initial public offering (IPO) proposal filed by Sterlite Electric Ltd. on hold. This is disclosed in the latest update on the regulator’s website.

SEBI has not disclosed any reason behind the postponement of the company’s IPO proposal; however, the holding follows weeks of the Vedanta Group company filing its Draft Red Herring Prospectus (DRHP) in early October.

Sterlite Electric IPO Structure and Objectives

The proposal was inclusive of a fresh issue of 77.9 lakh equity shares and an offer for sale (OFS) of the same number of shares by the promoter and other shareholders. Under the OFS, Twin Star Overseas Ltd. allot of holdings, along with investors Kailash Chandra Maheshwari, Jacob John G., and Ramguru Radhakrishnan, who agreed to donate a number of their holdings.

According to estimates from the market, the company anticipated generating approximately ₹1,500 crore from its initial public offering.

The company had proposed that the net proceeds from the fresh issue be used for the repayment of debt, capital expenditure on the expansion for the purchase of plant and machinery and for general corporate purposes. A portion of the funds was also earmarked for expansion at Sterlite Electric’s Vadodara facility in Gujarat, with investments spread over FY27.

Sterlite Electric Business Overview and Financials

Previously called Sterlite Power Transmission, it is a manufacturer of capital goods and provider of system integration solutions for the power transmission and distribution (T&D) sector in domestic and international markets. For FY25, this company has reported revenue from operations of ₹ 4,956 crores, just higher than the ₹ 4,918 crores reported in the prior fiscal.

The hold-up comes during a highly active primary market with 84 companies already having launched mainboard IPOs in 2025 and two to come this week.

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