Novelis Inc, the US-based subsidiary of Hindalco Industries, is eyeing a listing in the US and has submitted a draft registration statement to the Securities and Exchange Commission (SEC).
The company is wholly owned by Hindalco through its subsidiary AV Minerals (Netherlands) NV, which will offload shares for the public offering. India-listed Hindalco will get all the proceeds from the sale, but the company did not disclose how many shares will be sold in the offer.
Hindalco share price: Hindalco share price surged nearly 5% to Rs 536 in Wednesday s intraday trade on BSE after the firms subsidiary Novelis filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC).