Sterlite Industries Global ADS Offering Exercise of Over Allotment Option

Sterlite Industries India Ltd has announced that with respect to its initial public offering of its equity shares in the form of American Depository Shares or ADS that the underwriters and joint global coordinators and bookrunners, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co., International plc and Citigroup Global Markets Inc. (the "Representatives"), have exercised their over allotment option to purchase an additional 19,560,000 equity shares in the form of ADSs. Each ADS representative one equity share of the Company. The exercise of the over-allotment option will bring the total number of ADSs issued by the Company in the offering at to 150,000,000. The ADSs were priced in the offering at US$ 13.44 per ADS, resulting in gross proceeds of US$ 2,016 million for the offering.

After this offering, the Company will approximately 708 million equity shares outstanding. The 150 million equity shares in the form of ADSs issued in the offering will represent an approximately 21.2% interest in the Company's post-offering.

The stock closed the day at Rs.582.90, down by Rs.14.85 or 2.48%. The stock hit an intraday high of Rs.596.95 and low of Rs.579.20. The total traded quantity was 210569 compared to 2 week average of 621574.

Source : Equity Bulls

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