16th Oct 2009 07:00
15 October 2009
Sterlite Industries (India) Limited
Announces a Proposed Convertible Notes Offering
Vedanta Resources plc's ("Vedanta") subsidiary, Sterlite Industries (India) Limited ("Sterlite") announces a proposed Convertible Notes Offering. The full text of the release issued by Sterlite is set out below.
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Sterlite Industries (India) Limited
Announces a Proposed Convertible Notes Offering
Mumbai, India: Sterlite Industries (India) Limited ("Sterlite") today announced that it has filed a post effective amendment to its automatic shelf registration statement with the U.S. Securities and Exchange Commission (the "SEC"), which is effective immediately. Pursuant to this, it is offering to issue and sell, subject to market and other conditions, up to $500 million aggregate principal amount of Convertible Senior Notes that will be convertible into Sterlite's American Depositary Shares ("ADSs") (the "Offering").
Sterlite intends to use the net proceeds from the Offering for expansion of its copper business with allied power plant, acquisition of complementary businesses outside of India and any other permissible purpose under, and in compliance with, applicable laws and regulations in India, including the external commercial borrowing regulations specified by the Reserve Bank of India.
Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated are acting as joint bookrunners for the Offering.
A registration statement on Form F-3 relating to the Convertible Notes 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 preliminary prospectus supplement and accompanying prospectus related to the Offering may also be obtained by contacting:
Deutsche Bank Securities Inc.
100 Plaza One, Second Floor
Jersey City, NJ 07311
Attention: Prospectus Department
or by email at [email protected]
Morgan Stanley & Co. Incorporated
1585 Broadway
New York, NY 10036
Attention: Prospectus Department
or by email at [email protected]
About Sterlite
Sterlite is one of India's largest non-ferrous metals and mining companies with interests and operations in aluminum, copper and zinc and lead. It is a subsidiary of Vedanta Resources plc, a London-based diversified FTSE 100 metals and mining group. 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.
Sterlite's main operating subsidiaries are Hindustan Zinc Limited for its zinc and lead operations; Copper Mines of Tasmania Pty Limited for its copper operations in Australia; and Bharat Aluminium Company Limited for its aluminium operations. The company operates its own copper operations in India. The company has entered the commercial energy generation business and is in the process of constructing a 2,400MW independent power plant through its wholly owned subsidiary, Sterlite Energy Limited.
Sterlite is listed on the Bombay Stock Exchange under the code "500900", the National Stock Exchange in India under the symbol "STER" and the New York Stock Exchange in the United States in the form of ADSs, each representing one ordinary share, under the symbol "SLT". For more information, please visit www.sterlite-industries.com. The principal executive office of Sterlite Industries (India) Limited is located at Vedanta, 75 Nehru Road, Vile Parle (East), Mumbai, Maharashtra 400-099, India.
About this Press Release; Forward-Looking Statements
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus supplement and the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and the prospectus if you request it by calling toll-free on +1-888-811-6003.
This press release contains "forward-looking statements" relating to the proposed Offering, including principal amount of securities that Sterlite may offer in the Offering,. These forward-looking statements are subject to a variety of factors, including market conditions and other risks typically associated with securities offerings. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under applicable securities laws, Sterlite does not undertake to update these forward-looking statements.
END OF RELEASE
For further information, please contact:
|
Sumanth Cidambi Director - Investor Relations Vedanta Resources plc |
Tel: +44 20 7659 4732 / +91 22 6646 1531 |
|
Faeth Birch Robin Walker 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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