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Friday 16 October, 2009

Vedanta Resources

Pricing of Sterlite Convertib

RNS Number : 8964A
Vedanta Resources PLC
16 October 2009

   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.


Sterlite Industries (India) Limited

Announces Pricing of Convertible Senior Notes Offering

MumbaiIndia: 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 

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 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 CityNJ 07311 

Attention: Prospectus Department 

or by email at 


 Morgan Stanley & Co. Incorporated

1585 Broadway

New York, NY 10036

Attention: Prospectus Department    

or by email at 

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 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.



For further information, please contact:

Sumanth Cidambi

Director - Investor Relations

Vedanta Resources plc

Tel: +44 20 7659 4732 / +91 22 6646 1531

Faeth Birch

Robin Walker


Tel:  +44 20 7251 3801

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 IndiaZambia 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


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