Sterlite raises $500m worth of convertible notes

The proceeds will be used primarily for the expansion of its copper business

MUMBAI (Reuters)  - 

Metals maker Sterlite Industries (India) Ltd (STRL.BO: Quote) said on Friday it had raised $500 million in convertible senior notes and plans to use the proceeds primarily for expansion of its copper business.

The notes are convertible into American depositary shares at $23.33 per share. They carry a coupon of 4% and mature on Oct. 30, 2014, Sterlite (SLT.N: Quote), a unit of UK-based Vedanta Resources (VED.L: Quote), said in a statement.

Deutsche Bank (DBKGn.DE: Quote) and Morgan Stanley (MS.N: Quote) arranged the offer, it said. (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)

© Thomson Reuters 2009 All rights reserved

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