The country's largest copper producer, Sterlite Industries, has completed the largest ever US share sale from India in past two years, raising Rs 7,305 crore via American Depository Shares (ADS). The move is aimed at expanding Sterlite's power generation business and arranging funds for prospective acquisitions.

Earlier, the biggest ever ADS sale was completed by ICICI Bank, raising $2.46 billion in June 2007. The trend proved that fund raising through ADS is not as unfavorable an option as is considered by many companies.

Shares of Sterlite declined 6.1 per cent and closed at Rs 590 on the Bombay Stock Exchange, due to decrease in earnings per share following the company's announcement to issue an additional 123 million shares via ADS. The ADS sale was managed by JPMorgan and Morgan Stanley which was authorize to allot 15 per cent of the offering size.

Vedanta, Sterlite's London-listed parent company bought $500 million of the issue by diluting its equity base to 57.5 per cent from 61.7 per cent. Anil Agarwal, Vedanta chairman said: "We will use the money raised through the ADS for our power projects and acquisitions."