Vedanta Resources PLC
07 July 2004
7th July 2004
Sterlite Industries (India) Limited - Rights Issue
Vedanta Resources plc ('Vedanta') is pleased to announce that the Securities and
Exchange Board of India ('SEBI') has approved the revised terms of the rights
issue put forward by Vedanta's Indian listed principal subsidiary, Sterlite
Industries (India) Limited ('Sterlite').
Under these terms one new share will be issued for every 2 existing shares, at a
price of INR 550. This will raise approximately INR 19,500 million (circa US$430
m) for Sterlite. The record date has been set for July 23rd 2004. The allocation
of new shares and completion of the issue should take place in September.
Vedanta will fully support the issue of new Sterlite shares and has undertaken
to take up its entire pro-rata entitlement under the rights issue.
Peter Sydney-Smith, Vedanta's Finance Director, said:
'The rights issue is an important part of funding our investment programme and
developing our substantial growth projects. It is positive news for Vedanta's
shareholders that we can press ahead with this.'
For further information, please contact:
John Smelt, Head of Investor Relations
Peter Sydney-Smith, Finance Director
Vedanta Resources plc Tel: +44 20 7629 6070
+44 787 964 2675
Finsbury Tel: +44 20 7251 3801
Notes to Editor
Vedanta is a diversified metals and mining group with zinc, copper and aluminium
operations in India and two copper mines in Australia.
Vedanta holds its interests in these operations through two Indian-listed
subsidiaries, Sterlite and the Madras Aluminium Company ('Malco').
Sterlite is Vedanta's principal subsidiary and is currently listed on the Bombay
Stock Exchange. Vedanta, through its wholly owned subsidiaries, currently owns
62.4 per cent. of the issued share capital of Sterlite. In addition, Malco owns
a further 7.13 per cent. of Sterlite. As a result, Vedanta currently has an
effective interest of 68.1 per cent. in Sterlite.
Vedanta's copper operations are owned and operated by Sterlite. Sterlite also
holds a 64.9% stake in the group's zinc business, Hindustan Zinc Ltd ('HZL'),
and 51% of the Bharat Aluminium Company ('Balco').
This information is provided by RNS
The company news service from the London Stock Exchange