no.245
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17-Jul-2009 10:30 - posted by Guest:
Sterlite Industries, one of India`s largest non-ferrous metals and mining companies, is raising $1.5 billion by selling shares in US.
17-Jul-2009 10:56 - posted by Guest:
The company, which is part of Anil Agarwal`s Vedanta Resources, said it has priced its public offering of 123.5 million new equity shares in the form of American depositary shares (ADS) at $12.15 per ADS.
17-Jul-2009 10:57 - posted by Guest:
In a separate development, Vedanta Resources chairman Anil Agarwal said the group is ready with up to Rs 8,000 crore to buy the government`s residual equity in group companies, Bharat Aluminium Co (Balco) and Hindustan Zinc.
17-Jul-2009 10:59 - posted by Guest:
Agarwal reportedly said he would meet the finance minister this month in this regard. The group acquired a majority stake in the companies during the NDA government`s rule. It had acquired a 51% stake in Balco for Rs 551 crore and 64% in Hindustan Zinc for over Rs 750 crore.
17-Jul-2009 10:59 - posted by Guest:
Government holds 49% in Balco and 29.5% in Hindustan Zinc.Sterlite Industries said on Thursday that its majority shareholder, Vedanta Resources, would participate in the ADS offering with an allocation of $500 million either directly or through a subsidiary. After offer, Vedanta`s shareholding in Sterlite will be 57.5%.
