Orissa Manganese and Minerals (OMM), a subsidiary of Adhunik Metaliks plans to raise Rs 250-300 crore through a public issue later this year to fund its mining plans.

According to sources, OMM is planning to set up pellet plant and iron ore benefication plant in Nuamundi, Jharkhand and Manganese ore benefication plant at Dhenkanal, Orissa at a total estimated cost of Rs 1100 crore.

The company has already received state government clearance for both proposed plants. The plant will be operational in 24 months.

The Board of Directors of the Adhunik Metaliks at its meeting held on June 02, 2008, has approved initial public offer of Orissa Manganese & Minerals.

Adhunik Metaliks is a Kolkata-based company engaged in manufacturing alloy and stainless steel products. Two year ago, it had bought OMML for around Rs 70 crore. OMML has clocked a turnover of Rs 25 crore during April-June, 2008.