Sterlite Industries (India) Limited ("Sterlite") announces that it has priced its public offering of 123,456,790 new equity shares in the form of American Depositary Shares ("ADSs"), at a price of $12.15 per ADS (the "Offering"), which is expected to result in approximately US$1.50 billion of gross proceeds. These ADSs will be listed on the New York Stock Exchange under the symbol "SLT".
Vedanta Resources pic ("Vedanta"), majority equity shareholder of Sterlite, participated in the Offering with ,-\n allocation of US$500 million either directly or through a subsidiary.
Following the Offering, Vedanta''s equity shareholding in Sterlite will be 57.5%, assuming no exercise of the over-allotment option.
J.P. Morgan Securities Inc. and Morgan Stanley & Co. International pic are acting as joint bookrunners for the Offering.
Sterlite has granted the joint bookrunners an over-allotment option equivalent to 15% of the offering size excluding the US$500 million allocated to Vedanta either directly or through a subsidiary.
Sterlite intends to use the net proceeds from the Offering for the further development of its power generation business in India, planned capital expenditures, planned and potential acquisitions and/or general corporate purposes.
The Offering is expected to settle on July 21, 2009, subject to customary closing conditions.
As of 31 March 2009, Sterlite had total assets of $ 8,710 million and Income before income taxes, minority interests and equity in net/(loss)/income of associate of $ 1,069 million.
Vedanta Resources pic ("Vedanta"), majority equity shareholder of Sterlite, participated in the Offering with ,-\n allocation of US$500 million either directly or through a subsidiary.
Following the Offering, Vedanta''s equity shareholding in Sterlite will be 57.5%, assuming no exercise of the over-allotment option.
J.P. Morgan Securities Inc. and Morgan Stanley & Co. International pic are acting as joint bookrunners for the Offering.
Sterlite has granted the joint bookrunners an over-allotment option equivalent to 15% of the offering size excluding the US$500 million allocated to Vedanta either directly or through a subsidiary.
Sterlite intends to use the net proceeds from the Offering for the further development of its power generation business in India, planned capital expenditures, planned and potential acquisitions and/or general corporate purposes.
The Offering is expected to settle on July 21, 2009, subject to customary closing conditions.
As of 31 March 2009, Sterlite had total assets of $ 8,710 million and Income before income taxes, minority interests and equity in net/(loss)/income of associate of $ 1,069 million.
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