Hindalco updates on proposed IPO of Novelis

Hindalco Industries announced that its wholly owned subsidiary, Novelis Inc. has filed the registration statement on Form F-1 with the Securities and Exchange Commission relating to the proposed Initial Public Offering of its common shares.

Novelis Inc. intends to list its common shares on the New York Stock Exchange under the ticker symbol 'NVL'. The number of shares to be offered and the price range for the proposed offering have not yet been determined.

The common shares are expected to be offered by Novelis' sole shareholder i.e., A V Minerals (Netherlands) N.V., also, a fully owned subsidiary of Hindalco Industries. Novelis Inc. will not receive any proceeds from the sale of common shares by its sole shareholder.

Novelis expects to complete the public offering after the SEC completes its review process, subject to market and other conditions. There can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

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