Sterlite Industries India Ltd has informed BSE regarding a report dated April 18, 2008, received from ICICI Bank Ltd (Monitoring Agency for the Rights Issue of the Company in the year 2004) for the quarter ended March 31, 2008 in respect of the Utilization of Rights Issue Proceeds, duly noted by the Audit Committee and Board of Directors of the Company in their respective meetings held on April 26, 2008.

Monitoring Agency Report :

“This is with reference to the Rights Issue of Sterlite Industries (India) Ltd (”Company”). During the year 2004-05 the Company has issued 3,58,60,049 equity shares of Rs 5 each at a premium of Rs 545 aggregating to Rs 1,972.30 crores on rights basis to existing share holders. For the Year ended March 31, 2008 the proceeds of Rights Issue have been utilized as under:

Utilisation

1. Investment in Bharat Aluminium Company Ltd :
- Planned : Rs 900.00 Crores
- Actual Utilisation (upto March 31, 2008) : Rs 300.00 Crores

2. Reduction In Term Loans :
- Planned : Rs 520.00 Crores
- Actual Utilisation (upto March 31, 2008) : Rs 520.00 Crores

3. Reduction in Current Liabilities
- Planned : Rs 551.00 Crores
- Actual Utilisation (upto March 31, 2008) : Rs 551.00 Crores

4. Rights Issue Expenses
- Planned : Rs 1.30 Crores
- Actual Utilisation (upto March 31, 2008) : Rs 1.19 Crores

Total
- Planned : Rs 1,972.30 Crores
- Actual Utilisation (upto March 31, 2008) : Rs 1,372.19 Crores

The unutilized proceeds of Rs 600.11 crores have been temporarily invested in debt mutual funds.”