The Securities and Exchange Board of India (Sebi) has put the proposed initial public offering (IPO) of Sterlite Electric Ltd on hold, according to a recent update on the regulator’s website.
Sterlite Electric, a part of the mining and metals conglomerate Vedanta Group, had filed its draft red herring prospectus (DRHP) in early October. The proposed IPO comprised a fresh issue of 7.8 million shares and an offer for sale (OFS) of an equal number of shares by existing shareholders. Sebi, however, did not specify the reason for pausing the process.