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Sterlite raises over $2 bn US

Sterlite raises over $2 bn US
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First Published: Fri, Jun 22 2007. 08 26 PM IST
Updated: Fri, Jun 22 2007. 08 26 PM IST
PTI
Mumbai: Vedanta group flagship Sterlite Industries said on 22 June it has raised over $2 billion (Rs8,215 crore) through an initial public offering in the US, including the over allotment option.
The American Depository Shares (ADS) were priced at $13.44 each, resulting in gross proceeds of $2,016 million from the offering, the Anil Agarwal-led metals and mining company said in a communique to the Bombay Stock Exchange (BSE).
The underwriters, joint global coordinators and bookrunners to the ADS offering exercised over allotment option to purchase additional 19.6 million equity shares.
With the exercise of the over-allotment option, the total number of ADS issued by the company in the offering increased to 150 million and this would represent around 21.2% interest in the company.
The company on 19 June said it has raised $1.75 billion (Rs7,000 crore) through the initial public offering in the US.
The underwriters and joint global coordinators and bookrunners for the ADS offering were — Merrill Lynch, Pierce, Fenner and Smith Incorporated, Morgan Stanley and Co International Plc and Citigroup Global Markets Inc.
Sterlite would use the funds for acquisitions, increasing stake in subsidiaries and setting up a power plant in Orissa. The company was also planning to acquire the remaining 29.5% stake of government in Hindustan Zinc.
Shares of Sterlite Industries closed at Rs582.90, down 2.48% on BSE.
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First Published: Fri, Jun 22 2007. 08 26 PM IST