Sterlite Industries, part of the London-based Vedanta
Resources group, has raised over $2 billion through
the listing of its American Depository Shares (ADS)
on the New York Stock Exchange. The ADS is the biggest-ever
overseas selling of shares by an Indian company.
ADS, listed on the US bourse on Tuesday under ''SLT''
symbol, and was priced at $13.44 or Rs547.80 per share.
The minimum price for the ADS, before the listing, was
pegged at $13 per share.
the NYSE-listing, Sterlite Industries is now valued
at $9.2 billion.
underwriters for the Sterlite ADS issue were Merrill
Lynch, Pierce, Fenner & Smith, Morgan Stanley and
Citigroup Global Markets.
promoters'' holding will come down to close to 60%, from
the current 79%.
funds raised will finance the LSE-listed Vedanta group''s
foray into energy sector, including the $1.9-billion
greenfield power project in Orissa with a capacity of
2,400 MW and expansion of its aluminium and zinc facilities
in the country.
power project will be implemented by subsidiary, Sterlite
ADS included a Japanese public offering, where 11.5
million shares will be allocated to the country''s investors.
Nomura Singapore was the underwriter for the Japanese
offer, which though didn''t include listing of the shares.