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Sterlite Power Transmission has received market regulator -- Securities Exchange Board of India’s (SEBI's) approval for its Rs 1,250 crore initial public offer (IPO). The company, which filed the draft red herring prospectus with the SEBI in August, got the regulator’s approval on December 2, 2021.

The company may consider a pre-IPO placement aggregating up to Rs 220 crore. If such placement is completed, the issue size will be reduced. Proceeds of the IPO will be used for payment of certain borrowings availed by the company and its arm Khargone Transmission (KTL). Axis Capital, ICICI Securities and JM Financial are the book running lead managers to the issue.

Sterlite Power manufactures power products, and is in the business of power transmission and offers solutions for problems of intersection of time space and capital.