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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Vedanta | LSE:VED | London | Ordinary Share | GB0033277061 | ORD USD0.10 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 832.60 | 834.80 | 835.80 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6780T Vedanta Resources PLC 29 December 2003 THIS ANNOUNCEMENT HAS BEEN RE-RELEASED. IT WAS PREVIOUSLY RELEASED ON WEDNESDAY 24TH DECEMBER 2003 AT 12.54PM UNDER RNS NUMBER 6750T. 24 December 2003 Vedanta Resources plc Sterlite Industries (India) Limited BONUS AND RIGHTS ISSUE Proposed Bonus and Rights issue by Sterlite Industries (India) Limited Vedanta Resources plc ("Vedanta") is pleased to announce that the Board of Sterlite Industries (India) Limited ("Sterlite"), an Indian listed subsidiary company, has today approved the following proposals: a) The issue of bonus shares in the ratio of 1 new share for every 1 existing share b) Following completion of the bonus issue, a rights issue in the ratio of 3 new shares for every 10 existing shares of the expanded share capital to raise at least INR 14 billion (c. USD300m). A Committee of Directors will decide the rights issue price keeping in view the then prevailing market price. Bonus Issue The 1 for 1 bonus issue will result in a doubling of the number of shares in issue and will be effected via a capitalisation of the share premium account of Sterlite. The bonus issue will occur prior to the rights issue and is subject to approval by the shareholders. The intention of the bonus issue is to improve the liquidity of Sterlite in the Indian capital market. Earnings and dividends per share will be adjusted according to the new number of shares in issue. Rights Issue The rights issue is expected to raise at least INR 14 billion (c.USD 300m) by means of a 3 for 10 offer on the expanded share capital. A Committee of Directors will decide the rights issue price keeping in view the then prevailing market price. The offer document will be sent to the Securities and Exchange Board of India (SEBI) for approval and a further announcement will be made once the rights issue price is finalised. It is expected that the rights issue will be completed early in the financial year commencing April 2004. Vedanta will fully support the issue of new Sterlite shares. To this effect Vedanta, which through its subsidiaries controls 62.3% of Sterlite's issued share capital, has undertaken to take up its entire pro-rata entitlement under the rights issue. This initiative will advance Vedanta's stated strategy of applying the proceeds raised in the London listing to fund its US$2 billion investment programme and of releasing value contained in the current group ownership structure. Background information Through its wholly owned subsidiaries, Vedanta owns 55.13% of the issued share capital of Sterlite. In addition, Vedanta controls/owns a further 7.13% of Sterlite through Madras Aluminium Company Limited, an Indian listed subsidiary company, of which Vedanta, through its wholly owned subsidiaries, holds 80% of the issued share capital. These interests correspond to an effective interest of 60.8%. - ends - For further information, please contact: Peter Sydney Smith Finance Director Vedanta Resources plc Tel: +44 207 629 6070 Andrew Lorenz Jon Simmons Financial Dynamics Tel: +44 207 831 3113 This information is provided by RNS The company news service from the London Stock Exchange END MSCBXBDDISDGGXS
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