India's Sterlite to Sell About $1.5 Billion of ADSs
July 15 (Bloomberg) -- Sterlite Industries India Ltd., the nation's biggest copper producer, plans to sell American depositary shares worth about $1.5 billion to help fund its power generation business in India and make acquisitions.
Vedanta Resources Plc, which holds 61.7 percent of Sterlite, intends to buy $500 million of shares, Mumbai-based Sterlite said in a Business Wire statement.
"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 company said in the statement.
JPMorgan Chase & Co. and Morgan Stanley are acting as joint book runners for the offering, it said. The underwriters have an over-allotment option equivalent to 15 percent of the offering size, excluding any portion of the offering allocated to Vedanta.
To contact the reporter on this story: Madelene Pearson in Melbourne on mpearson1@bloomberg.net
July 15 (Bloomberg) -- Sterlite Industries India Ltd., the nation's biggest copper producer, plans to sell American depositary shares worth about $1.5 billion to help fund its power generation business in India and make acquisitions.
Vedanta Resources Plc, which holds 61.7 percent of Sterlite, intends to buy $500 million of shares, Mumbai-based Sterlite said in a Business Wire statement.
"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 company said in the statement.
JPMorgan Chase & Co. and Morgan Stanley are acting as joint book runners for the offering, it said. The underwriters have an over-allotment option equivalent to 15 percent of the offering size, excluding any portion of the offering allocated to Vedanta.
To contact the reporter on this story: Madelene Pearson in Melbourne on mpearson1@bloomberg.net
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