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).
In Wednesday s early trading, Hindalco Industries, the leading metals company under the Aditya Birla Group, surged 5% to reach ₹538 per share. This uptick follows the company s decision to take its US subsidiary, Novelis Inc., public.
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New Delhi, Atlanta-based Novelis Inc., a fully-owned subsidiary of Hindalco Industries, has announced that it has confidentially submitted a draft registration
The shares are expected to be offered by Novelis’ sole shareholder (a unit of Hindalco Industries Ltd). Novelis will not receive any proceeds from the sale of shares by its shareholder