Hindalco arm Novelis Files Registration Statement for Proposed IPO
The common shares are expected to be offered by Novelis' sole shareholder (a wholly owned subsidiary of Hindalco Industries Limited).
![Hindalco arm Novelis Files Registration Statement for Proposed IPO](https://www.psuconnect.in/sdsdsd/hindalco.jpg)
Novelis Inc., a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, has announced that it has filed a registration statement on Form F-1 with the Securities and Exchange Commission (the "SEC") relating to the proposed initial public offering of its common shares.
The common shares are expected to be offered by Novelis' sole shareholder (a wholly owned subsidiary of Hindalco Industries Limited).
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoYNovelis will not receive any proceeds from the sale of common shares by its sole shareholder. Novelis intends to list its common shares on the New York Stock Exchange (“NYSE”) under the ticker symbol “NVL.”
The number of shares to be offered and the price range for the proposed offering have not yet been determined. Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions.
Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail depositsNovelis is a subsidiary of Hindalco Industries Limited, an industry leader in aluminum and copper, and the metals flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai.
Read Also : India assumes the Chair of Asian Disaster Preparedness CentreNews Must Read
- Karnataka Bank Announced record Q1 Net Profit at Rs. 400.33 CR
- NTPC, BHEL shares soar higher amid JV announcement in Budget 2024
- BEL signs tripartite MoU for manufacture of indigenised ammunition
- Goa Shipyard Limited launched first indigenous P1135.6 Frigate
- Chandan Sinha appointed as Non-Executive Part Time Chairman of RBL Bank
- OIL and Dolphin Drilling signs contract for hiring of Blackford Dolphin
- Cmde D.K. Murali, IN (Retd.) Joins as CMD of BECIL
- Samir Chandra Saxena Appointed as Director (Market Operation) of GRID-INDIA
- MOIL CMD bags Title 'CEO of the Year'
- ONGC sign MoU with GSI to advance geothermal exploration in Ladakh