Sterlite Industries India is planning to raise up to Rs 12,500 crore via American Depository Shares (ADSs) to fund expansion plans.The board, which met yesterday, approved the fund raising plan, the company informed the Bombay Stock Exchange today. The Vedanta group company has filed a shelf registration statement with the US Securities and Exchange Commission for the proposed ADS offering.The company will enter the commercial energy business in India by setting up a 2,400 MW greenfield power plant in Jharsuguda, Orissa at a total cost of $1.9 billion. The power business will be operated through Sterlite Energy (SEL), a wholly-owned subsidiary of the company, it said.Sterlite has also re-classified the existing authorised share capital of Rs 150 crore divided into 60 crore equity shares of Rs 2 each and three crore preference shares of Rs 10 into Rs 150 crore divided into 75 crore equity shares of Rs 2 each.The Anil Agarwal-controlled company will increase the authorised capital from Rs 150 crore to Rs 185 crore by creating an additional 17.5 crore equity shares of Rs 2 each. It has convened an Extra-Ordinary General meeting of shareholders on December 11, 2006 to approve the board decisions relating to capital raising and reclassification.Sterlite Q2 net up 68% at Rs 136crSterlite Industries India has posted a 68.38% rise in second quarter net profit at Rs 136.56 crore as against Rs 81.10 crore in July-September 2005.The board has announced an interim dividend of 200% i.e Rs 4 per share (face value Rs 2 each), according to a release issued by the company to the BSE today.Total income for the reporting quarter rose to Rs 3,330.5 crore from Rs 1,739.39 crore in the year-ago period.The company has sold its power transmission line (PTL) division with manufacturing facilities at Rakholi (Silvassa) and Karanjwane (Pune, Maharashtra) to Sterlite Optical Technologies (SOTL) for Rs 148.51 crore from July 1, 2006. The loss on sale of PTL division of Rs 3.63 crore has been shown as an exceptional item, the release added.
