Vedanta Resources PLC
24 September 2004
24 September 2004
Conclusion of Rights Issue at Sterlite Industries (India) Limited
Vedanta Resources plc ('Vedanta') announces that the rights issue, launched on
12th August by its principal subsidiary Sterlite Industries (India) Limited
('Sterlite'), has now closed. The total proceeds of the rights issue to Sterlite
were US$427.8m, of which Vedanta paid US$426.1m. Vedanta's effective interest in
Sterlite has increased from 68.1% to 78.8%.
These funds remain within the Vedanta group and are available to use for the
significant growth projects being carried out. The increased interest in
Sterlite, as a result of the rights issue, will enhance the attributable
earnings of Vedanta.
Chief Executive Anil Agarwal said, 'The rights issue is a further step in
simplifying the group structure and funding our growth projects. Both of these
are major parts of the strategy we set out at the time of listing. We will
continue to focus on the delivery of this strategy going forwards.'
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 Editors
Vedanta is a London listed 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. Following today's announcement Vedanta, through its wholly owned
subsidiaries, currently owns 75% per cent. of the issued share capital of
Sterlite. In addition, Malco owns a further 4.76% per cent. of Sterlite. As a
result, Vedanta currently has an effective interest of 78.8% per cent. in
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