Australia's biggest sugar refiner CSR Ltd. announced Monday that it would lift A$375 million in equity in order to slash debt and spin-off its sugar business.

Earlier in June, the company had said that it would split off the sugar business to enhance value for shareholders.

The fund raising through a fully underwritten share offer lets existing investors to buy 7 new shares for every 40 existing shares they have.

The company has priced each share at A$1.66 and said new shares are at a 15.3 per cent discount to the dividend adjusted closing price on Friday.

CSR also posted a net loss of A$155.6 million for the 6-month period ended September 30.

However, the loss was largely due to considerable writedown in the value of its Viridian glass business.

Nevertheless, CSR reaffirmed its full-year guidance.