TIDMVED
RNS Number : 8964A
Vedanta Resources PLC
16 October 2009
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16 October 2009
Sterlite Industries (India) Limited
Announces Pricing of Convertible Senior Notes Offering
Vedanta Resources plc's ("Vedanta") subsidiary, Sterlite Industries (India)
Limited ("Sterlite") announces that it has priced its public offering (the
"Offering") of $500 million aggregate principal amount of Convertible Senior
Notes (the "Notes"). The full text of the release issued by Sterlite is set out
below.
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Sterlite Industries (India) Limited
Announces Pricing of Convertible Senior Notes Offering
Mumbai, India: Sterlite Industries (India) Limited ("Sterlite" or the "Company")
announces that it has priced its public offering (the "Offering") of $500
million aggregate principal amount of Convertible Senior Notes (the "Notes").
The Notes are convertible into the Company's American Depositary Shares ("ADSs")
at an initial conversion price of approximately $23.33 per ADS, subject to
adjustment in certain events. The Notes have a maturity date of October 30, 2014
and will bear interest at the rate of 4.00% per annum.
The Offering is expected to settle on October 29, 2009. Any change in the
settlement date will be notified to investors through a press release which will
be posted on the Sterlite's website at www.sterlite-industries.com.
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 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 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 prospectusrequest@list.db.com
Morgan Stanley & Co. Incorporated
1585 Broadway
New York, NY 10036
Attention: Prospectus Department
or by email at prospectus@morganstanley.com
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
This press release is for informational purposes only and shall not constitute
an offer to sell or the solicitation of an offer to buy securities, nor shall
there be any sale of Sterlite's securities in any jurisdiction, including the
United States, in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
A registration statement relating to the securities has been filed with the
United States Securities and Exchange Commission and is effective.
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 | sumanth.cidambi@vedanta.co.in |
| Director - Investor Relations | Tel: +44 20 7659 4732 / +91 22 |
| Vedanta Resources plc | 6646 1531 |
| | |
+----------------------------------+-----------------------------------+
| Faeth Birch | Tel: +44 20 7251 3801 |
| Robin Walker | |
| Finsbury | |
+----------------------------------+-----------------------------------+
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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