Shearman & Sterling represented Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated as joint bookrunners in connection with the US$500 million bond offering guaranteed by Sterlite Industries (India) Limited (“Sterlite”)—India's largest non-ferrous metals and mining company—which closed on October 15, 2009. The deal featured the highest conversion premium on an Asian convertible bond this year at 37.5% and represented one of the most significant registered convertible bond offerings out of India in recent times.

Sterlite intends to use the net proceeds from the Offering for expansion of its copper business with an allied power plant, acquisition of complementary businesses outside of India and any other permissible purpose under, and in compliance with, applicable laws and regulations in India, including the external commercial borrowing regulations specified by the Reserve Bank of India.

Hong Kong Capital Markets partner Matthew Bersani led the Shearman & Sterling team, working with counsel Gail Ong (Singapore-Capital Markets), associates Alan Yeung (Hong Kong-Capital Markets), Shihani Soysa (Singapore-Capital Markets), William Steinberg (Hong Kong-Capital Markets) and Eileen O’Pray (Menlo Park-Tax) and Legal Assistant Derek Perriam (Singapore-Capital Markets).