Sterlite Industries, India’s largest mining company, raised US$1.75 billion in its initial public offering on the New York Stock Exchange.
The Mumbai-based company is a unit of British metals and mining company Vedanta Resources PLC, and is already traded on the National Stock Exchange of India and the Bombay Stock Exchange.
Latham & Watkins and Shearman & Sterling advised Sterlite Industries on the New York IPO.
Sterlite may use proceeds from the offering to exercise a call option to acquire the Government of India’s remaining 29.5% ownership interest in the company’s zinc business; to enter the power-generation industry by building the first phase of a thermal coal-based power facility in the Indian state of Orissa; or to reduce up to US$150 million in debt, ABCMoney.com reported.
