Hindalco Industries has postponed the proposed $945-million listing of Novelis Inc due to concerns about potentially below-premium valuations for the US subsidiary impacting the valuation of the Indian entity listed in Mumbai.
Novelis on Tuesday launched a roadshow for its proposed initial public offering (IPO), where Indian parent Hindalco plans to sell 45 million shares, or a 7.5% stake, in the company at $18-21 per share.
Proposed Novelis IPO is a booster dose for Hindalco livemint.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from livemint.com Daily Mail and Mail on Sunday newspapers.