Stocks to watch: Hindalco, TaMo, SBI, GPT Infra, IIFL Finance
Hindalco Industries: Novelis Inc., a subsidiary of Hindalco Industries, has delayed its IPO due to market conditions. The company, which had planned to raise $810 million to $945 million, will reassess the offering’s timing.
AV Minerals (Netherlands) NV and another shareholder were to sell 45 million Novelis shares in the IPO.Tata Motors: Tata Motors Finance, a subsidiary of the company, is set to merge with Tata Capital, pending regulatory approvals. The board has also approved the creation of a wholly-owned subsidiary, TML Commercial Vehicles, to house its commercial vehicles business.State Bank of India: The bank’s board will convene on June 11 to discuss raising up to $3 billion in long-term funds through public or private placements of senior unsecured notes in FY 2024-25.Jindal Stainless: The company has completed the acquisition of Evergreat International Investment Pte Ltd, Singapore (EIPL), making it a wholly-owned subsidiary.NLC India: The company plans to raise up to $600 million in foreign currency loans through ECBs on June 10, subject to RBI guidelines.
Read more on livemint.com
