30th Jul 2009 12:00
Sterlite ADS Offering - Exercise of Over-allotment Option
Vedanta Resources plc's ("Vedanta") subsidiary Sterlite Industries India Limited ("Sterlite"), announces that it has received a notice from J.P. Morgan Securities Inc. and Morgan Stanley & Co. International plc, the joint bookrunners to the previously announced public offering (the "Offering") of new equity shares of Sterlite in the form of American Depositary Shares ("ADSs"), exercising their over-allotment option to acquire an additional 8,449,221 ADSs at the public offer price of US$12.15 per ADS. These ADSs will be listed on the New York Stock Exchange under the symbol "SLT". As of 31 March 2009, Sterlite had total assets of US$ 8,710 million and Income before income taxes, minority interests and equity in net/(loss)/income of associate of US$ 1,069 million.
The full text of the press release issued by Sterlite is set out below.
ADS Offering - Exercise of Over-allotment Option
Mumbai, India: Sterlite Industries (India) Limited ("Sterlite") announces that it has received a notice from J.P. Morgan Securities Inc. and Morgan Stanley & Co. International plc, the joint bookrunners to the previously announced public offering (the "Offering") of new equity shares of Sterlite in the form of American Depositary Shares ("ADSs"), exercising their over-allotment option to acquire an additional 8,449,221 ADSs at the public offer price of US$12.15 per ADS. These ADSs will be listed on the New York Stock Exchange under the symbol "SLT".
The gross proceeds of the over-allotment option are expected to be approximately US$102.7 million, and the total gross proceeds of the Offering, including the over-allotment option, are expected to be approximately US$1,602.7 million. As previously announced, Sterlite intends to use the net proceeds from the Offering for the further development of its power generation business in India, planned capital expenditures, planned and potential acquisitions and/or general corporate purposes.
The settlement of the over-allotment option is expected to occur on July 31, 2009, subject to customary closing conditions. Upon settlement and allotment, the issued, subscribed and paid-up equity share capital of Sterlite will consist of 840,400,422 equity shares of par value Rs.2 each. Upon settlement and allotment, the Vedanta group's shareholding in Sterlite (held in the form of equity shares and ADSs) will be 56.91%.
A registration statement on Form F-3 relating to these securities has been filed with and declared effective by the SEC. A prospectus supplement relating to the Offering has been filed with the SEC. The prospectus supplement, the registration statement, together with the prospectus contained therein, and documents incorporated by reference, including our Annual Report on Form 20-F for the fiscal year ended March 31, 2009, as amended by our Form 20-F/A, are available on the website of the SEC at www.sec.gov.
A copy of the prospectus supplement and accompanying prospectus related to the Offering may also be obtained by contacting:
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J.P. Morgan Securities Inc. Prospectus Library 4 Chase Metrotech Center, CS Level Brooklyn, NY 11245 Phone: (718) 242-8002 |
Morgan Stanley & Co. Incorporated 1585 Broadway New York, NY 10036 Attention: Prospectus Department or by email at [email protected] |
END OF RELEASE
For further information, please contact:
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Sumanth Cidambi Associate Director - Investor Relations Vedanta Resources plc |
Tel: +44 20 7659 4732 / +91 22 6646 1531 |
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Robin Walker Gordon Simpson Finsbury |
Tel: +44 20 7251 3801 |
About Vedanta Resources plc
Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified metals and mining major. The group produces aluminium, copper, zinc, lead, iron ore and commercial energy. Vedanta has operations in India, Zambia and Australia and a strong organic growth pipeline of projects. With an empowered talent pool of 29,000 employees globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information visit www.vedantaresources.com
Disclaimer
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
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