AGM of Sterlite Industries (India) Limited: Record Date for the Stock Split and Bonus Issue
June 11 2010 - 8:42AM
Business Wire
On June 11, 2010, Sterlite Industries (India) Limited (the
“Company”) announced that its 35th Annual General Meeting of
shareholders (“AGM”) was held earlier that day. At the AGM, the
shareholders of the Company approved and adopted each of the
previously announced resolutions contained in the Company’s Notice
of the 35th Annual General Meeting, including, but not limited to,
the following:
- a cash dividend of Rs. 3.75 per
equity share of par value Rs. 2 each (the “Rs. 2 Shares”) payable
on June 16, 2010 to shareholders of record as of May 20, 2010;
- a split of each of the Rs. 2
Shares into two equity shares of par value Re. 1 each (the “Re. 1
Shares”); and
- a bonus issue of Re. 1 Shares in
the ratio of 1:1 on the Re. 1 Shares.
The register of members and share transfer books of the Company
was closed on May 21, 2010 for the purpose of determining the
shareholders of the Company entitled for payment of the Company’s
dividend.
The record date (the “Record Date”) and effective date were set
at June 22, 2010 and June 25, 2010, respectively, for both the
stock split and bonus issue. As a result of the combined effect of
the stock split and bonus issue, on June 25, 2010, each Rs. 2 Share
held by a shareholder on the Record Date will automatically convert
into four Re. 1 Shares.
The Company’s American Depositary Shares (“ADSs”), each
representing one Rs. 2 Share, are listed and trade on the New York
Stock Exchange (“NYSE”) under the symbol “SLT.” In order to give
effect to the stock split and bonus issue, the Company expects to
change the ADS-to-equity share ratio from one ADS representing one
Rs. 2 Share to one ADS representing four Re. 1 Shares effective as
of June 25, 2010.
About this Press Release; Forward-Looking Statements
This press release is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy securities, nor shall there be any sale of the Company’s
securities in any jurisdiction, including the United States, in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
jurisdiction.
This press release contains “forward-looking statements”
relating to the proposed cash dividend, stock split and bonus
issue. These forward-looking statements are subject to a variety of
factors. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. Other than as required under applicable securities
laws, the Company does not undertake to update these
forward-looking statements.
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