Aditya Birla soars on bank deal
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Monday, 5 January, 2009 - 09:23
Shares in miner Aditya Birla soared as much as 37 per cent today as the company revealed it has renegotiated its working capital facilities with HSBC Bank.
In a response to an Australian Securities Exchange price query, the copper play said it was not aware of any information that propelled its share price on Friday by 30 per cent.
However it did add that it had reduced its previous HSBC facility of $100 million to $60 million until November this year.
In addition, Aditya said its previous $50 million facility with BNP Paribas had not been renewed and all outstanding amount owing to the bank have been repaid.
Shares in the company jumped 6.5 cents, or 37 per cent, to a high of 24c before cooling to 23.5c at 11:34 AEDT.