Hindalco's copper mining arm in Australia raises A$ 300 mn

Mumbai, May 12 (UNI) Aditya Birla Minerals Ltd (ABML), Hindalco's copper mining subsidiary in Australia, has successfully raised Australian 300 million dollars through an issue of 153.6 million new shares at A$ 1.95 per share.

Announcing this today, the company's release quoted its chairman Debu Bhattacharya saying the proceeds of the issue would be used largely towards repayment of debt.

''ABML will become almost debt-free and therefore the strong balance sheet may be leveraged appropriately for it to pursue further growth options in mining and other areas.'' The issue was subscribed to by Australian and international investors, constituting largely of institutions (approximately 75 per cent) and the balance by retail broker firms on behalf of their etail clients. No offer was made to the general public.

ABML is the only ''pure copper focused'' listed company in Australia and the first Indian company listed in the Australian Stock Exchange (ASX).

Currently, the shares are trading on a deferred settlement basis.

Trading on normal settlement basis is expected to commence on May 16. The gap is due to the time required for the dispatch of holding statements to the investors. UBS Investment Bank acted as the lead manager and underwriter for the issue.

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