New Delhi, Oct 1 (PTI) Sterlite Electric, which has filed draft papers with Sebi, is looking to raise around Rs 1,500 crore through its initial public offering (IPO) to fund its growth plans and pare debts.

The IPO is a mix of fresh issue of 77.9 lakh equity shares and an equal number of shares under offer for sale (OFS) by a promoter and existing shareholders, Sterlite Electric (formerly known as Sterlite Power Transmission), according to the draft red herring prospectus (DRHP) filed on Monday.

Under the OFS, promoter Twin Star Overseas Limited, and existing shareholders — Kailash Chandra Maheshwari, Jacob John G and Ramguru Radhakrishnan — would offload shares.

According to market sources, the company is eyeing to mobilise around Rs 1,500 crore through its maiden public offering.

An

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