Serlite raises over 2 billion dollar in US

Vedanta group flagship Sterlite Industries on Friday said it has raised over two billion dollar (about Rs 8,215 crore) through an initial public offering in the US, including the over allotment option.
The American Depository Shares (ADSs) were priced at 13.44 dollar each, resulting in gross proceeds of 2,016 million dollar from the offering, the Anil Agarwal-led metals and mining company said in a communique to the Bombay Stock Exchange (BSE).
The underwriters, joint global coordinators and bookrunners for the American Depository Shares (ADSs) offering exercised over allotment option to purchase additional 1.96 crore equity shares.
With the exercise of the over-allotment option, the total number of ADSs issued by the company in the offering increased to 15 crore and this would represent around 21.2 per cent interest in the company.
The company on June 19 said it has raised 1.75 billion dollars (about Rs 7,000 crore) through the initial public offering in the US.
The underwriters and joint global coordinators and bookrunners for the ADS offering were -- Merrill Lynch, Pierce, Fenner and Smith Incorporated, Morgan Stanley and Co International Plc and Citigroup Global Markets Inc.
Sterlite would use the funds for acquisitions, increasing stake in subsidiaries and setting up a power plant in Orissa. The company was also planning to acquire the remaining 29.5 per cent stake of government in Hindustan Zinc.
Shares of Sterlite Industries closed at Rs 582.90, down 2.48 per cent on BSE.