Mumbai, July 16 - Sterlite Industries, a leading copper producer, Thursday said it plans to raise $1.5 billion by selling shares in the US for further development of its power generation business in India and to make acquisitions.

The company will issue and sell new equity shares in the form of American Depository Shares (ADS) that is expected to result in gross proceeds of about $1.5 billion, Sterlite said in a regulatory statement Thursday.

The London-based Vedanta Resources Plc, the majority shareholder of the company with 61.7-percent stake, intends to buy $500 million of the shares.

The ADS price to the public will be $12.14 per share, the statement added.

JP Morgan Securities and Morgan Stanley will act as the joint book runner for the offering.