Sterlite Industries to raise funds via QIP route

MUMBAI: Sterlite Industries India, a Vedanta Group firm, today said it is planning to raise funds through the issue of securities under Qualified Institutional Placement (QIP) route.

Shareholders of the company have approved the resolution to issue appropriate securities to Qualified Institutional Buyers (QIBs) on a private placement basis, Sterlite Industries said in a filing to the Bombay Stock Exchange (BSE).

However, the company did not disclose the size of the funds it intends to raise.

Further, the mining firm's shareholders have also approved the raising of funds through the issue of securities in the form of American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and foreign currency convertible bonds (FCCBs), it said.

Shares of Sterlite Industries were trading at Rs 577.55, marginally up by 0.32 per cent in the morning trade on the BSE.