Vedanta Resources group firm Sterlite Industries will
raise $2 billion through issue of American depository
shares (ADS) to finance its buyouts, subsidiary stake
hikes and for setting up of a power plant.
intend to use the net proceeds from this offering for
general corporate purposes, including capital expenditures
and working capital, reduction of debt and for possible
acquisitions of complementary businesses and consolidation
of the ownership of our subsidiaries,'''' Sterlite Industries
said in a filing with the US Securities and Exchange
ADS would be listed on the New York Stock Exchange under
the symbol ''SLT'' and the price to the public per ADS
may not be less than Rs531.84 ($13.11).
company is planning to acquire the remaining 29.5 per
cent Indian government stake in Hindustan Zinc Ltd,
which would amount to around Rs9,227.3 crore ($2,273.9
million) through the proceeds of this offering.
could also enter the commercial power generation business
in India by building the first phase, totalling 2,400
MW, of thermal coal-based power facility in Orissa for
around Rs8,730.5 crore over four years, it said in the
has built six of its seven power plants that can generate
Inc, Morgan Stanley & Co., Merrill Lynch & Co.
and Nomura Holdings Inc will manage the sale, according
to the document.