sterlite-prices-upsized-ads-offering-at-par

Sterlite prices upsized ADS offering at par

The Indian metals producer raises $1.75 billion from the sale, which is expected to remove a long-term overhang on its share price.

By Anette Jönsson

June 20, 2007

IndiaÆs largest non-ferrous metals and mining company Sterlite Industries has raised $1.75 billion from its first sale of American depositary shares ADS. Coming at a time when investors are showing renewed interest in commodities stocks, the company was able to increase the original 125 million ADS offering by 4.4% and set the price at par to its common shares in India.

Sterlite, which is a leading producer of copper, zinc and aluminium in its home market, sold 130.44 million ADS at a price of $13.44 each. Adjusted for the exchange rate, this is equal to the Rs544.40 close of SterliteÆs shares in Mumbai on Monday. The greenshoe was increased proportionally to 19.56 million shares...

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