News Orders & Deals Hindalco's Novelis Enters $19.99 Million Share Subscription Agreement With AV MineralsHindalco's Novelis Enters $19.99 Million Share Subscription Agreement With AV Minerals
Hindalco Industries has disclosed that its subsidiary Novelis Inc. entered into a share subscription agreement with AV Minerals (Netherlands) N.V., involving the purchase of 13,33,333 common shares for $19.99 million at $150 per share. The transaction was announced under SEBI Regulation 30, with regulatory filings made to BSE, NSE, and Luxembourg Stock Exchange.
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Hindalco Industries has announced that its wholly owned subsidiary Novelis Inc. has entered into a subscription agreement with AV Minerals (Netherlands) N.V. under Regulation 30 of SEBI listing regulations. The transaction involves AV Minerals purchasing shares in Novelis for a total consideration of $19.99 million.
Transaction Details
The share subscription agreement represents a significant corporate development between the related entities. AV Minerals, which serves as the sole shareholder of Novelis and is itself a wholly owned subsidiary of Hindalco Industries, has agreed to purchase additional shares in the aluminum rolling company.
| Parameter: | Details |
|---|---|
| Buyer: | AV Minerals (Netherlands) N.V. |
| Number of Shares: | 13,33,333 shares |
| Transaction Value: | $19,99,99,950 |
| Price per Share: | $150 |
| Share Type: | Common shares, no par value |
Regulatory Compliance
Hindalco Industries has fulfilled its disclosure obligations by informing the BSE Limited (Scrip Code: 500440), National Stock Exchange of India Limited (Scrip Code: HINDALCO), and Luxembourg Stock Exchange (Scrip Code: US4330641022) about this corporate action. The announcement was made under Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Corporate Structure
The transaction occurs within Hindalco's corporate structure, where AV Minerals acts as an intermediate holding company for Novelis. This subscription agreement strengthens the capital structure of Novelis, the aluminum rolling subsidiary that operates as a key component of Hindalco Industries' business portfolio.
Novelishas also filed a Form 8-K with the U.S. Securities and Exchange Commission in connection with this transaction, ensuring compliance with American regulatory requirements. The filing details are accessible through the SEC's database, providing transparency for international stakeholders.
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