Hindalco's Australian arm to raise $217.9 mn

Hindalco, India's top copper and aluminium maker, said its subsidiary had filed papers with the Australian Securities & Investments Commission.

Hindalco Industries Ltd said on Monday its wholly-owned Australian subsidiary Aditya Birla Minerals Ltd plans to raise about A$299 million ($217.9 million) through a public share issue.

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The subsidiary had earlier planned to raise only A$250 million.

Hindalco, India's top copper and aluminium maker, said its subsidiary had filed papers with the Australian Securities & Investments Commission. The offer would open on April 20.

Hindalco shares rose by 2.7 per cent to Rs 191.95 in a firm Mumbai market.