Novelis shareholders approve Hindalco deal

The shareholders of Novelis have approved the proposal to sell the company to Hindalco.

The shareholders? approval follow a proposal of Hindalco to acquire Novelis for an enterprise value of nearly $ 6 billion three months ago. Over 99% Novelis shareholders cast votes in favour of the transaction.

According to the terms of the agreement, Hindalco will pay $ 44.93 per share amounting to $3.5 billion (Rs 14,364 crore). Hindalco expects to complete the transaction, which now awaits the court approval, by May 15.

The Birla group?s Canada-based special purpose vehicle, AV Metals, will infuse $3.5 billion to finance the transaction.