Sterlite Industries, India's largest non-ferrous metals and mining company, has completed a $500 million offering of Convertible Senior Notes that are convertible into Sterlite's American Depository Shares (ADS), listed on the New York Stock Exchange. At 37.5 percent, this is the highest conversion premium on an Asian convertible bond in 2009 and represents one of the most significant registered convertible bond offerings out of India in recent times.

Latham & Watkins, led by Partners Rajiv Gupta and Michael Sturrock in Singapore and Wiltold Balaban in New York advised Sterlite Industries. Tax advice for the transaction was provided by New York partner Jiyeon Lee-Lim and associate Orly Morgenstern.

Shearman & Sterling advised Deutsche Bank Securities Inc. and Morgan Stanley & Co., the Joint Bookrunners. Hong Kong Capital Markets partner Matthew Bersani led the team, working with Counsel Gail Ong of the Singapore Capital Markets team. Luthra & Luthra, and S&R's Delhi offices are advising on this transaction. Since the transaction is ongoing, both Luthra and S&R declined to comment.   

While Shearman & Sterling are representing Sterlite in its bid for US mining company Asarco, Latham & Watkins appear to be Sterlite's favourites for Capital Markets transactions. Latham & Watkins has also advised Sesa Goa, a subsidiary of the Sterlite group on its recently concluded $500 million Bond Offering on the Singapore Stock Exchange.

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