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Sterlite Industries to Issue About $1.5 Billion of ADS

16 Jul 2009 Evaluate

The nation’s biggest copper producer plans to sell American depositary shares (ADS) 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.

 

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.

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Peers
Company Name CMP
Hindalco 1011.70
Vedanta 765.90
Hindustan Zinc 580.35
Jain Resource Recycl 419.05
Gravita India 1618.65
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