Sterlite Industries Launches Global ADS Offering

Sterlite Industries India Ltd on June 05, 2007 has announced that it has commenced distribution of the preliminary prospectus in anticipation of a global offering of 125 million of its equity shares in the form of American Depositary Shares, or ADS. These equity shares in the form of ADSs will represent an approximately 18.3% interest in Sterlite post-offering. The Company has applied to have its ADSs listed on the New York Stock Exchange under the symbol "SLT".

The underwriters and joint global coordinators and bookrunners for the offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. International Ltd and Citigroup Global Markets Inc (the "Representatives").

Nomura Singapore Ltd is the underwriter for a public offering without listing in Japan ("Japanese Offering") of the Company's equity shares in the form of ADSs. The Company expects to allocate 11.5 million equity shares in the form of ADSs from the global offering to the Japanese Offering.

After this offering, the Company is expected to have approximately 683 million equity shares outstanding, with Vedanta Resources plc owning approximately 62.8% of those shares.

All of the equity shares in the form of ADSs are being sold by the Company. The Company anticipates granting the Representatives an option to purchase up to an additional 18.75 million equity shares in the form of ADSs to cover over-allotments, if any. The share and percentage numbers above assume no exercise of this option.

Source : Equity Bulls

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