Hindalco Industries' Subsidiary Novelis to Sell Shares Worth $750 Million to AV Minerals

Hindalco Industries Ltd announced that its wholly owned subsidiary, Novelis Inc., has entered into a subscription agreement with AV Minerals (Netherlands) N.V. According to the agreement, AV Minerals, the sole shareholder of Novelis, agreed to purchase 50,00,000 (Fifty Lakh) of Novelis’s common shares for $750 million at a price of $150 per share. This agreement was made pursuant to Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and is available for access on the U.S. Securities and Exchange Commission's website. The information is also available on the websites of Hindalco Industries and Novelis.