The Hindu Business Line : Hindalco arm to raise funds

Hindalco Industries Ltd has informed the National Stock Exchange that Aditya Birla Minerals Ltd (ABML), the company's wholly owned Australian subsidiary company, is seeking to raise about Australian $250 million (Rs 775 crore) through offer of shares and subsequent listing on the Australian Stock Exchange (ASX).

The funds raised from the offer would be used for restructuring the company's financial position, in particular to repay the amount owed to the financiers under ABML's existing debt facility and to pursue exploration activities with a focus on increasing returns to the shareholders. Post-issue, Hindalco Industries Ltd's holding in ABML is likely to get reduced to 51 per cent.

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