Vedanta Resources, the Anil Agarwal-led mining major, has sold its 84.2% stake in Sterlite Gold to Georgia’s GeoProMining for $86 million. The Canada-listed Sterlite Gold’s main assets include gold mines in Armenia.
The deal comes a year after Vedanta acquired Sterlite Gold for around Rs 300 crore, a step believed to be in line with the LSE-listed group’s global ambitions. But problems with the local government are believed to have led to the group’s exit from Armenia.
GeoProMining had made an all-cash offer to Vedanta Resources at a price of $0.3845 per share of Sterlite Gold, amounting to $86 million. “In addition, GeoProMining has agreed to repay Sterlite Gold’s debt of around $25 million to Vedanta Group companies. The carrying value of Vedanta’s investment in Sterlite Gold was $83 million on June 30, 2007,”said a source.
Read more in The Economic Times article.
Showing posts with label Vedanta Resources. Show all posts
Showing posts with label Vedanta Resources. Show all posts
Thursday, August 16, 2007
Tuesday, June 26, 2007
ICICI Bank, Sterlite mop up $4 bn from US in a week
Two Indian companies, including the country's largest private lender ICICI Bank, have raised over four billion dollars last week from the US market.ICICI Bank, in the biggest offering by an Indian company, raised $4.3 billion in a global follow-on issue, half of which was in the form of American Depository Shares.
The ADS issue of 42.14 billion, including a green shoe option of $0.32 billion, was priced at $49.25 each, translating into a price of about Rs 1,002.5 per equity share and representing a premium of about 6.6 per cent over the domestic issue price.Each ADS represents two equity shares of the Bank.
Earlier, Vedanta group's Sterlite Industries, a non-ferrous metal and mining firm, raised $1.75 billion through an initial public offering on the NYSE.Each ADS represents one equity share of the firm and the were priced at $13.44 each.
Combining ICICI Bank's 42.46 billion offer and 41.75 billion of Sterlite Industries India Ltd, the two firms have mopped up over four billion dollars from the US market.
The ADS issue of 42.14 billion, including a green shoe option of $0.32 billion, was priced at $49.25 each, translating into a price of about Rs 1,002.5 per equity share and representing a premium of about 6.6 per cent over the domestic issue price.Each ADS represents two equity shares of the Bank.
Earlier, Vedanta group's Sterlite Industries, a non-ferrous metal and mining firm, raised $1.75 billion through an initial public offering on the NYSE.Each ADS represents one equity share of the firm and the were priced at $13.44 each.
Combining ICICI Bank's 42.46 billion offer and 41.75 billion of Sterlite Industries India Ltd, the two firms have mopped up over four billion dollars from the US market.
Friday, June 22, 2007
Sterlite raises over 2 bn dlr in US
Vedanta group flagship Sterlite Industries on Friday said it has raised over two billion dollar (about Rs 8,215 crore) through an initial public offering in the US, including the over allotment option.
The American Depository Shares (ADSs) were priced at 13.44 dollar each, resulting in gross proceeds of 2,016 million dollar 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 for the American Depository Shares (ADSs) offering exercised over allotment option to purchase additional 1.96 crore equity shares.
With the exercise of the over-allotment option, the total number of ADSs issued by the company in the offering increased to 15 crore and this would represent around 21.2 per cent interest in the company.The company on June 19 said it has raised 1.75 billion dollars (about Rs 7,000 crore) through the initial public offering in the US.
Read more in The Economic Times article.
The American Depository Shares (ADSs) were priced at 13.44 dollar each, resulting in gross proceeds of 2,016 million dollar 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 for the American Depository Shares (ADSs) offering exercised over allotment option to purchase additional 1.96 crore equity shares.
With the exercise of the over-allotment option, the total number of ADSs issued by the company in the offering increased to 15 crore and this would represent around 21.2 per cent interest in the company.The company on June 19 said it has raised 1.75 billion dollars (about Rs 7,000 crore) through the initial public offering in the US.
Read more in The Economic Times article.
Tuesday, June 19, 2007
Sterlite prices ADS offering at $13.44
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.
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.
Wednesday, May 30, 2007
Hindalco, Sterlite may join Alcan race
India's biggest aluminium maker, Hindalco, and Sterlite Industries, are in talks with global firms to separately bid for Canada's Alcan, said the media report on Wednesday. Citing unnamed sources, the report said Sterlite's parent Vedanta Resources Plc was in advanced talks with global miner Rio Tinto to form a special purpose vehicle to bid for the aluminium major.
London-based Vedanta will likely invest $3-$4 billion and Rio Tinto could put in $10-$12 billion in the joint venture, said the report.
Hindalco Industries Ltd, which earlier this year bought Canadian aluminium firm Novelis for $5.9 billion, was in talks with BHP Billiton for a joint bid but a deal was some distance away.
A Vedanta spokesman declined comment, while a spokeswoman for Hindalco said it was not the company's policy to comment on speculation.
Media reports earlier this week said Norwegian aluminium group Norsk Hydro and Rio Tinto might place separate bids to trump Alcoa's $28.5 billion hostile bid for Alcan, a takeover that would create the world's largest aluminium group.
London-based Vedanta will likely invest $3-$4 billion and Rio Tinto could put in $10-$12 billion in the joint venture, said the report.
Hindalco Industries Ltd, which earlier this year bought Canadian aluminium firm Novelis for $5.9 billion, was in talks with BHP Billiton for a joint bid but a deal was some distance away.
A Vedanta spokesman declined comment, while a spokeswoman for Hindalco said it was not the company's policy to comment on speculation.
Media reports earlier this week said Norwegian aluminium group Norsk Hydro and Rio Tinto might place separate bids to trump Alcoa's $28.5 billion hostile bid for Alcan, a takeover that would create the world's largest aluminium group.
Tuesday, May 15, 2007
Sterlite to raise $2 bn for power plant
Sterlite Industries (India), a unit of billionaire Anil Agarwal’s Vedanta Resources, plans to raise as much as $2 billion in its first share sale in the US to pay for a new power plant.
Sterlite, India’s largest copper producer, would sell shares that will trade on the New York Stock Exchange, the company said in a filing to the Securities & Exchange Commission.
By building a power plant, Agarwal is starting his second new venture three weeks after agreeing to pay $1.4 billion for 71 per cent of India’s biggest non-state iron-ore exporter. The response to the stock sale may show if he can achieve the goal of becoming one of the world’s top-five metals and mining companies.
Vedanta Resources, which owns 72 per cent of Sterlite, last month defeated rivals including Arcelor Mittal to buy Sesa Goa. The takeover gave the company its first iron ore mine in India, where steel demand is growing at almost twice the global average fuelled by the world’s second-fastest pace of growth.
Read more in The Business Standard article.
Sterlite, India’s largest copper producer, would sell shares that will trade on the New York Stock Exchange, the company said in a filing to the Securities & Exchange Commission.
By building a power plant, Agarwal is starting his second new venture three weeks after agreeing to pay $1.4 billion for 71 per cent of India’s biggest non-state iron-ore exporter. The response to the stock sale may show if he can achieve the goal of becoming one of the world’s top-five metals and mining companies.
Vedanta Resources, which owns 72 per cent of Sterlite, last month defeated rivals including Arcelor Mittal to buy Sesa Goa. The takeover gave the company its first iron ore mine in India, where steel demand is growing at almost twice the global average fuelled by the world’s second-fastest pace of growth.
Read more in The Business Standard article.
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