Mumbai, Oct 29 (UNI) The Securities and Exchange Board of India (SEBI) has officially announced that it has placed Vedanta Group company Sterlite Electric’s proposed initial public offering (IPO) on hold.
SEBI has kept the company’s IPO observations ”in abeyance”, without specifying any reason for its decision, according to an update on the SEBI’s official website.
The company had filed its draft red herring prospectus (DRHP) with SEBI earlier in October 2025. The IPO comprises a fresh issue of up to 77.93 lakh equity shares and an offer for sale of up to 77.96 lakh shares, aggregating to a total of 1.56 crore equity shares.
Sterlite Electric, which operates in the power transmission and distribution segment, manufactures and supplies a wide range of overhead conductors, power cables, optical ground wire, as well as provides master system integration services. It has customers in over 70 countries, including the USA, Brazil, Sweden, South Africa, Egypt, the UAE, Chile, and Peru.
The company is majority-owned by Twin Star Overseas, while Vedanta Ltd held a 1.51 per cent stake as of March 2025. The company’s promoter, Anil Agarwal, who is Chairman of the Vedanta Group and Twin Star Overseas Ltd, is scheduled to participate in the Offer For Sale (OFS) along with other shareholders.
Proceeds from the proposed IPO issue are meant to be utilised for repayment or prepayment of borrowings, funding capital expenditure requirements, and general corporate purposes.
Twin Star Overseas Ltd is the promoter offloading the stake through the Offer for Sale (OFS) route. It holds 69.46 per cent 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.
