Vedanta Resources PLC
05 June 2007
5 June 2007
Vedanta Resources Plc
Launch of Global ADS Offering by Sterlite Industries
Vedanta Resources plc announced that its Indian subsidiary, Sterlite Industries
(India) Limited ('Sterlite') has today launched a global ADS offering. The text
of the release issued by Sterlite is reproduced below.
START OF RELEASE
Sterlite Industries (India) Limited Launches Global ADS Offering
MUMBAI, INDIA, June 5, 2007 - Sterlite Industries (India) Limited (BSE:
STERLITE IN; NSE: STER) ('Sterlite'), India's largest non-ferrous metals and
mining company based on net sales in fiscal 2007, announced today that it has
commenced distribution of the preliminary prospectus in anticipation of a global
offering of 125 million of its equity shares in the form of American Depositary
Shares, or ADS. These equity shares in the form of ADSs will represent an
approximately 18.3% interest in Sterlite post-offering. Sterlite has applied to
have its ADSs listed on the New York Stock Exchange under the symbol 'SLT.'
The underwriters and joint global coordinators and bookrunners for the offering
are Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co.
International Limited and Citigroup Global Markets Inc. (the 'Representatives').
Nomura Singapore Limited is the underwriter for a public offering without
listing in Japan ('Japanese Offering') of Sterlite's equity shares in the form
of ADSs. Sterlite expects to allocate 11.5 million equity shares in the form of
ADSs from the global offering to the Japanese Offering.
After this offering, Sterlite is expected to have approximately 683 million
equity shares outstanding, with Vedanta Resources plc owning approximately 62.8%
of those shares.
All of the equity shares in the form of ADSs are being sold by Sterlite.
Sterlite anticipates granting the Representatives an option to purchase up to an
additional 18.75 million equity shares in the form of ADSs to cover
over-allotments, if any. The share and percentage numbers above assume no
exercise of this option.
A copy of the prospectus relating to this offering may be obtained by
Merrill Lynch, Pierce, Fenner & Smith Incorporated
4 World Financial Center
New York, N.Y. 10080
Attention: Prospectus Department (4th Floor)
Morgan Stanley & Co. Incorporated
180 Varick Street
New York, New York 10014
Attention: Prospectus Department
or by email at firstname.lastname@example.org
Citigroup Global Markets Inc.
Brooklyn Army Terminal
140 58th Street
Brooklyn, NY 11220
or call 718-765-6732
About this Press Release; Forward-Looking Statements
This press release 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 equity
shares in the form of ADSs, 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 Sterlite's equity shares in the form of ADSs has been
filed with the United States Securities and Exchange Commission but has not yet
become effective. Sterlite's equity shares in the form of ADSs may not be sold
nor may offers to buy be accepted prior to the time the registration statement
This press release contains 'forward-looking statements' relating to the number
of equity shares in the form of ADSs that Sterlite may offer in the global
offering (including the number thereof that may be allocated to the Japanese
offering), the number of Sterlite equity shares in the form of ADSs that may be
subject to the option that Sterlite may grant to the Representatives, the number
of Sterlite equity shares expected to be outstanding after the offering and the
percentage ownerships of Sterlite that investors in the offering and Vedanta
Resources plc may hold upon completion of 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 email@example.com
Associate Director - Investor Relations Tel: +44 20 7659 4732 / +91 22 6646 1531
Vedanta Resources plc
Faeth Birch Tel: +44 20 7251 3801
About Vedanta Resources plc
Vedanta Resources plc is a London listed diversified metals and mining group.
Its principal operations are located throughout India, with further operations
in Zambia, Australia and Armenia. The major metals produced are aluminium,
copper, zinc, lead, iron ore and gold. For further information, please visit
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
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