New Delhi: Debt-ridden country's rich businessman Anil Agarwal is now planning to repay his loan through IPO. In fact, Anil Agarwal-led company Sterlite Power Transmission has sent an application to capital markets regulator SEBI to raise Rs 1,250 crores through the preliminary public issue (IPO).

According to the Draft Red Herring Prospectus (DRHP) filed for IPO, the company will offer equity shares totaling up to Rs 1,250 crores under the IPO. This offer includes the reservation of shares for the company's workers. The amount received from IPO will be used mainly to repay the loan. The company may also consider private planning worth Rs 220 crore before IPO. If private planning is completed, the output size will decrease. Agarwal and Twin Star overseas are the promoters of Sterlite Power.

Earlier last month, the National Company Law Appellate Tribunal had stayed the bid of industrialist Anil Agarwal's company Twin Star Technologies to acquire debt-ridden Videocon Industries for Rs 2,962.02 crores. A two-member bench headed by the acting chairman of the NCLAT Justice AIS Cheema stayed the order passed by the Mumbai bench of the National Company Law Tribunal on June 9.

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