Aditya Birla Minerals lists on Australian Exchange
ABML the first Indian company listed in Australian Stock Exchange (ASX).india Updated: May 13, 2006 00:21 IST
Aditya Birla Minerals Ltd (ABML), Hindalco's copper mining subsidiary in Australia, has raised a total of Australian Dollars 300 million by completing an issue of 153.6 million new shares at Australian Dollar 1.95 per share.
Post issue, Hindalco remains 51 per cent stakeholder in the company.
ABML the first Indian company listed in Australian Stock Exchange (ASX).
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 the retail clients.
No offer was made to the general public, the company said in a statement.
The stock on the Australian Stock Exchange opened at Australian $3.66 which was 88 per cent higher than the issue price. It reached an intra-day high of Australian $3.73 before closing at Australian $3.19.
Based on the closing price, the markets have valued the mining company at Australian $998.5 million. The trade volume of 55 million shares represents around 33 per cent of the free float.
Currently, the shares are trading on a deferred settlement basis while trading on normal settlement basis is expected to commence on May 16, the release stated.