Hindalco arm Novelis signs agreement with AV Minerals to sell 13 lakh shares for $200 million
Published on 24/02/2026 06:37 PM
Hindalco arm Novelis signs agreement with AV Minerals to sell 13 lakh shares for $200 millionShares of Hindalco Industries Ltd ended at ₹922.85, up by ₹6.75, or 0.74%, on the BSE.By Jomy Jos Pullokaran February 24, 2026, 6:37:27 PM IST (Published)2 Min ReadAditya Birla Group's metals arm, Hindalco Industries Ltd, on Tuesday (February 24) announced that its wholly owned subsidiary, Novelis Inc, has entered into a subscription agreement with AV Minerals (Netherlands) N.V.
Under the agreement, AV Minerals, the sole shareholder of Novelis and a wholly owned subsidiary of Hindalco, has agreed to purchase 13,33,333 common shares of Novelis at a price of $150 per share, totaling $199,999,950.
The Novelis shares have no par value per share. In connection with the transaction, Novelis has filed a Form 8-K with the US Securities and Exchange Commission.
Also Read: Nuvama awaits a better entry point to buy this Aditya Birla Group stock
Third Quarter Results
Consolidated revenue rose 23.1% year-on-year to ₹29,264 crore from ₹23,776 crore. EBITDA surged 59.5% to ₹4,248 crore compared with ₹2,664 crore a year ago, while margins expanded to 14.5% from 11.2%.
However, Novelis’ performance was impacted by two fires at its US facility in Oswego, which disrupted hot-mill operations and affected rolled-product shipments. The company incurred a one-time cost of ₹2,610 crore due to the fires.
The disruption is expected to trim operating profit by as much as $200 million and reduce free cash flow by up to $1.6 billion, although Hindalco expects to recover much of the impact through insurance. The hot mill is scheduled to restart in June, with full operations targeted in Q1 FY27.
Also Read: Hindalco shares fall as Novelis drag hits; near-term pressure likely
Despite lower volumes due to the Oswego disruption, Novelis improved EBITDA per tonne by 6%, reflecting cost optimisation efforts.
Shares of Hindalco Industries Ltd ended at ₹922.85, up by ₹6.75, or 0.74%, on the BSE.Continue ReadingTagsHindalco IndustriesNovelisshare market today