Sterlite Industries Prices Global ADS Offering at $13.44

Sterlite Industries India Ltd announced that it has priced its initial public offering of 130,440,000 of its equity shares in the form of American Depositary Shares or ADS, at a price of $13.44 per ADS. These equity shares in the form of ADSs represent an approximately 18.9% interest in the Company post offering. The Company's ADSs have been approved for listing 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 plc and Citigroup Global Markets Inc. (the "Representatives").

Nomura Singapore Ltd is the underwriter for a public offering without listing in Japan ("Japanese Offering") of 11,500,000 of the Company's equity shares it the form of ADSs, which were allocated to the Japanese Offering from the global offering.

After this offering, the Company will have approximately 689 million equity shares outstanding.

All of the equity shares in the form of ADSs were sold by the Company. The Company has granted the Representatives an option to purchase up to an additional 19,560,000 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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