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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.