India Resources IPO raises $11 million

The company will use the funds to develop resources opportunities in India.

The company had sought to raise $10 million through the issue of 50 million shares at 20 cents each when the offer opened on April 23.

There was also an over-subscription facility of $1 million.

India Resources chairman Michael Kiernan said strong demand for the company's shares demonstrated the quality of the company's assets and growth opportunities in India.

He said the Indian resources sector was not as developed as those of Australia and South Africa due to the lack of exploration and cost-effective mining techniques.

"India has world-class ore bodies, and we look forward to growing our local relationships to mine resources using Australian cost-effective mining techniques," Mr Kiernan said.

India Resources' primary project is to re-open the Surda copper mine in the Singhbhum copper belt in India.

India Resources proposes to list on the Australian Stock Exchange in late May.