Hindalco Industries (NSE:HINDALCO, BOM:500440) said its US-based unit Novelis has signed a share subscription agreement with AV Minerals, the latter's sole shareholder and a wholly owned subsidiary of Hindalco, according to an Indian exchange filing on Tuesday.

The agreement calls for the issuance of 1.3 million common shares at $150 per share, which will inject $200 million into Novelis, the filing said.

Shares of Hindalco rose nearly 2% in Wednesday's trade.