Sterlite to raise almost 1bn

Indian metals producer Sterlite said yesterday it is raising about $1.5bn (£916m) in an issue of American Depository Shares (ADS), with parent Vedanta to buy $500m of the issue. The proceeds would be used to develop its power generation business in India, capital expenditure and for planned acquisitions, it said in a statement. The deal is being arranged by JPMorgan and Morgan Stanley.