ICICI Bank, Sterlite Raise $4 Bn From US In A Week

Two Indian companies ICICI Bank and Sterlite Industries have mobilized $4 bn from US in a week. ICICI Bank raised $4.3 billion in a global follow-on issue, half of which was in the form of American Depository Shares. Earlier, Vedanta group''s Sterlite Industries, a non-ferrous metal and mining firm, raised $1.75 billion through an initial public offering on the NYSE. The ADS issue of 42.14 billion, including a green shoe option of $0.32 billion, was priced at $49.25 each, translating into a price of about Rs 1,002.5 per equity share and representing a premium of about 6.6 per cent over the domestic issue price. Each ADS represents two equity shares of the Bank. Trading of the additional ADS began on Monday at the New York Stock Exchange. Each ADS represents one equity share of the firm and the were priced at $13.44 each. On its first day of trading the Sterlite Industries ADS price rose over nine per cent to $14.70 on volume of 28.5 million ADSs. Yesterday, the ADSs ended at $14.67 down 0.88 per cent on the NYSE. Combining ICICI Bank''s 42.46 billion offer and 41.75 billion of Sterlite Industries India Ltd, the two firms have mopped up over four billion dollars from the US market.