Posted in | News | Non-Ferrous Alloys and Metals | Minerals | Mining

Aditya Birla Minerals Raises A$300 Million

May 16 2006

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Aditya Birla Minerals Ltd. (ABML), Hindalco's copper mining subsidiary in Australia, has successfully completed an issue of 153.6 million new shares at a price of A$ 1.95 per share to raise a total of A$ 300 million. Post-issue, Hindalco remains 51 per cent shareholder in the company.

The proceeds of the issue will largely be used towards repayment of debt.

Says Mr. D. Bhattacharya, Chairman, ABML and Managing Director, Hindalco, "ABML will become almost debt-free and therefore the strong balance sheet may be appropriately leveraged for it to pursue further growth options in mining and other related areas."

The issue was subscribed to by Australian and international investors, constituting largely of institutions (approximately 75 per cent) and the balance by retail brokerage firms on behalf of their retail clients. No offer was made to the general public.

http://www.hindalco.com

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