Indonesian coal miner PT Bumi Resources is planning to raise up to 6.54 trillion rupiah ($568 million) in a rights issue, which will help pay off some of its debt to Chinese sovereign wealth fund China Investment Corp.

The company will issue as many as 26.17 billion shares at 250 rupiah each, it said in a stock exchange filing late on Tuesday. On Wednesday, Bumi shares rose as much as 4.6 percent, outperforming a flat Jakarta stock index.

Bumi shareholders voted in April in favour of new terms to settle the firm's $1.3 billion debt with CIC, after Indonesia's financial services authority rejected an earlier vote.

Struggling with a heavy debt burden, Bumi has been hit by downgrades from rating agencies. The company posted a net loss of $609 million in 2013, a little less than its loss of $666.2 million a year earlier.

Earlier this year, the Bakrie Group that controls Bumi Resources paid $278 million to finalise its separation from Asia Resource Minerals after a lengthy spat with the London-listed firm's co-founder Nathaniel Rothschild.