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Sterlite files for $2.1 bln IPO
Tuesday, June 5, 2007
Sterlite Industries Ltd. filed with U.S. regulators to raise up to $2.1 billion in an initial public offering of 125 million American depositary shares.
The non-ferrous metal producer, which is a unit of Mumbai-based Vedanta Resources, said each ADS will represent the right to receive one equity share.
Sterlite, which has applied for a New York Stock Exchange listing under the symbol "SLT," said it had granted underwriters an option to sell an additional 18.8 million ADSs.
The company told the U.S Securities and Exchange Commission in a preliminary prospectus that Merrill Lynch & Co., Morgan Stanley, Citi and Nomura Securities were underwriting the IPO.
The company said it plans to use the net proceeds for general corporate purposes, including capital expenditures and working capital, reduction of debt, and for possible acquisitions.
This offering is expected to include a public offering without listing in Japan, to which Sterlite plans to allocate 11.5 million ADSs.
For the year ended March 31, 2007, Sterlite reported earnings of $1.1 billion, on net sales of $5.6 billion.
The non-ferrous metal producer, which is a unit of Mumbai-based Vedanta Resources, said each ADS will represent the right to receive one equity share.
Sterlite, which has applied for a New York Stock Exchange listing under the symbol "SLT," said it had granted underwriters an option to sell an additional 18.8 million ADSs.
The company told the U.S Securities and Exchange Commission in a preliminary prospectus that Merrill Lynch & Co., Morgan Stanley, Citi and Nomura Securities were underwriting the IPO.
The company said it plans to use the net proceeds for general corporate purposes, including capital expenditures and working capital, reduction of debt, and for possible acquisitions.
This offering is expected to include a public offering without listing in Japan, to which Sterlite plans to allocate 11.5 million ADSs.
For the year ended March 31, 2007, Sterlite reported earnings of $1.1 billion, on net sales of $5.6 billion.
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