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Home >Markets >Ipo >Aditya Birla Sun Life AMC files draft papers with SEBI for IPO

Aditya Birla Sun Life AMC Limited (ABSLAMC), a material subsidiary of Aditya Birla Capital has filed a draft red herring prospectus (‘DRHP’) dated April 19, 2021 with the Securities and Exchange Board of India for an initial public offering by way of an offer for sale.

The IPO comprises of offer for sale of up to 2.9 million shares held by the company in Aditya Birla Sun Life AMC and up to 36 million shares held by Sun Life (India) AMC Investments in Aditya Birla Sun Life AMC, Aditya Birla Capital announced in an exchange filing.

''Aditya Birla Capital has approved sale of up to 28,50,880 equity shares of face value of 5 each held in ABSLAMC and Sun Life (India) AMC Investments Inc, the joint venture shareholder in Aditya Birla Sun Life AMC, approved sale of up to 3,60,29,120 equity shares of face value of 5 each held in Aditya Birla Sun Life AMC'', the company said.

The proposed sale of equity shares by ABCL and Sun Life India in the IPO will together constitute up to 13.50% of the paid-up share capital of ABSLAMC, the release said.

Shares of Aditya Birla Capital were trading nearly 3% higher in Tuesday's early session at 119 per share on the BSE.

As per Aditya Birla Sun Life AMC, it has a total domestic assets under management (AUM) of over to 2,38,000 crore for the quarter ended September 30, 2020.

Aditya Birla Sun Life AMC is a joint venture between the Aditya Birla Group and the Sun Life Financial, Canada. Aditya Birla Capital holds 51% in Aditya Birla Sun Life AMC, the remaining 49% is held by Sun Life.

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