Sterlite Industries to Issue About $1.5 Billion of ADS

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.