Sterlite Industries, the flagship of the Vedanta Group, said on 19 June it has priced its initial public offering of American Depositary Shares (ADS) at $13.44 each.
Calculated on the basis of this price, Sterlite would raise over $1.75 billion through the issue of over 130 million equities in the form of ADS.
Post-offering, the ADS represent around 18.9% interest in Sterlite. The company’s ADSs were approved for listing on the New York Stock Exchange under the symbol “SLT”, Sterlite Industries said in a communique to the Bombay Stock Exchange.
After this offering, the company would have around 689 million equity shares. The company granted the representatives an option to purchase up to an additional 19.5 million ADS to cover over-allotments.
In May, Sterlite Industries announced plans to raise $2 billion through ADS issue for acquisitions, increasing stake in subsidiaries and setting up a thermal coal-based power facility in Orissa for around Rs8,730.5 crore.
Read more in The Livemint article.
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