UPDATE 1-Australia's Macarthur to raise $151 mln to fund growth

* To raise A$190 million through share issue

* Funds to meet growth

* China's CITIC Group, the top shareholder, to participate (Adds details)

SYDNEY, June 18 (Reuters) - Australian coal firm Macarthur Coal Ltd (MCC.AX) is raising about A$190 million ($151 million) via an equity issue to funds its future growth, riding on a recent rally in stock markets.

China's CITIC Group, Macarthur's biggest shareholder, will participate in the offer and maintain its 23.39 percent holding in Macarthur's expanded capital, Macarthur said in a statement on Thursday.

Macarthur also forecast a net profit of between A$155-A$170 million for fiscal year to June 30, but said no decision has been taken on its full-year dividend. It lifted full year sales guidance to between 4.5-4.8 million tonnes.

The new shares are being offered at A$6.00 each, a 9.4 percent discount to its last traded price. Trading in its shares has been halted pending completion of the offer.

JP Morgan Australia is the sole underwriter.

Macarthur shares have more than doubled since start of the year to finish Wednesday at A$6.62, giving it a A$1.4 billion market value.

Macarthur joins a rush of other Australian companies to tap equity markets, with more than $20 billion already being raised this year so far.

The bulk of the new capital is being used to cut debt, but Macarthur will use A$150 million of its total raising to develop a new mine, Middlemount, with the remaining going towards exploration work. ($1=A$1.26) (Reporting by Denny Thomas)