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Hindalco’s arm Novelis files paper with US securities regulator for IPO
Hindalco Industries on Tuesday said its arm Novalis Inc has filed papers with the US securities regulator, the Securities and Exchange Commission, for its proposed Initial Public Offering (IPO).
Novelis will be listing its common shares on the New York Stock Exchange.
Hindalco, the flagship company of Aditya Birla Group, did not disclose the size of the IPO of its wholly-owned subsidiary Novelis Inc. It also did not give any timeline to hit the market with its public issue.
The common shares are expected to be offered by Novelis' sole shareholder -- A V Minerals (Netherlands) NV, also, a fully-owned subsidiary of Hindalco Industries Limited.
Novelis Inc will not receive any proceeds from the sale of common shares by its sole shareholder. Hindalco owns 100 per cent of Novelis through AV minerals.
In a regulatory filing, the company said, "it has filed a registration statement on Form F-1 with the Securities and Exchange Commission (the SEC) relating to the proposed initial public .