Shares of Hindalco Industries jumped nearly 4 per cent to hit a record high on Wednesday as the US-based Novelis Inc, part of the company, will launch an initial public offer to raise up to USD 945 million.
The stock climbed 3.64 per cent to settle at Rs 705.35 apiece on the BSE. During the day, it rallied 4.82 per cent to a record high of Rs 713.40.
On the NSE, shares of the company went up by 3.52 per cent to Rs 705.30 each.
Novelis Inc will launch an initial public offer (IPO) to raise up to USD 945 million, with an estimated equity valuation of up to USD 12.6 billion.
In the proposed public issue, around 45 million shares will be sold by Novelis Inc’s sole shareholders A V Minerals (Netherlands) NV, which is a wholly-owned subsidiary of Hindalco Industries Ltd. The company will not receive any proceeds.
Novelis, a leading player in the production of innovative aluminium…
