Hindalco Industries rose 1.07% to Rs 592.90 after its wholly owned subsidiary, Novelis said that its indirect wholly owned subsidiary, Novelis Corporation has decided to raise 6.875% senior notes aggregating to $750 million via private offering.
The notes will be guaranteed, jointly and severally, on a senior unsecured basis, by Novelis, and by certain of Novelis' subsidiaries. Novelis expects to close the offering of the notes on 13 January 2025, subject to the satisfaction of customary closing conditions.The company intends to use the net proceeds from the offering to repay $738 million of outstanding borrowings under its revolving credit facility and to use any remaining net proceeds to fund cash on its balance sheet for general corporate purposes.
Hindalco Industries, the metals flagship of the Aditya Birla Group, is the world's largest aluminium rolling and recycling company, a major copper player, and one of Asia's largest producers of primary aluminium. In India, Hindalco's aluminium manufacturing units cover the complete value chain, from bauxite mining, alumina refining, coal mining, captive power generation and aluminium smelting, to downstream value-addition of aluminium rolling, extruding, and foil making.
The Aditya Birla Group companys consolidated net profit surged 78.01% to Rs 3,909 crore in on 7.45% increase in revenue from operations to Rs 58,203 crore in Q2 FY25 over Q2 FY24.
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