Aditya Birla Capital arm files for IPO
Aditya Birla Sun Life AMC, the arm of Aditya Birla Capital, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its initial public offering (IPO).
“Aditya Birla Sun Life AMC Ltd (ABSLAMC), a material subsidiary of Aditya Birla Capital, filed a draft red herring prospectus (DRHP) dated April 19 with Sebi for an initial public offering by way of an offer for sale (IPO) of shares of ABSLAMC, subject to relevant approvals as required,” Aditya Birla Capital said in a regulatory filing.
The company added that it has approved the sale of up to 28.5 lakh equity shares held in ABSLAMC out of the total paid-up share capital of 28.8 crore equity shares of Aditya Birla Sun Life AMC.
Sun Life (India) AMC Investments Inc, the joint venture shareholder in Aditya Birla Sun Life AMC, has also approved the sale of up to 3.6 crore shares held in the fund house through the IPO.
The proposed sale of equity shares by Aditya Birla Capital and Sun Life India in the IPO will together constitute up to 13.50 per cent of the paid-up share capital of Aditya Birla Sun Life AMC, Aditya Birla Capital added.
Aditya Birla Sun Life AMC, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and the Sun Life Financial Inc of Canada.