Sterlite pulls off $1.5 billion ADS follow-on

The Indian metals and mining company secures capital for its new power generation business ahead of a string of other power companies seeking to tap the equity markets.

India's largest non-ferrous metals and mining company, Sterlite Industries, yesterday raised $1.5 billion from a follow-on sale of US-listed American depositary shares ADS that it will use partly to pay for the development of a commercial power generation business. The deal was timely, not only because it was launched on a day when the Dow Jones index rallied 3.1%, but because India's Prime Minister Manmohan Singh pledged before his re-election in May to boost investments in the power sector...

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