Two promoter entities of Aditya Birla Sun Life AMC Ltd. have offered to sell up to 11.47% stake through an offer for sale to achieve the minimum public shareholding norms.
Aditya Birla Capital Ltd. and Sun Life (India) AMC Investments Inc. will offload up to 7% stake, or 2.01 crore, shares under its base offer and retain a greenshoe option of an additional 4.47% or 1.28 crore shares.
The floor price has been set at Rs 450 per share, indicating a discount of 6% to the current market price.
The offer will be open for subscription for institutional investors on March 19 and for retail investors on March 20, according to an exchange filing on Monday.
Considering the floor price, the promoters expect to mop up Rs 1,487 crore through the OFS.
BofA Securities India Ltd., IIFL Securities Ltd., Jefferies India Pvt. and Spark Institutional Equities Pvt. are the brokers in this deal.
The total promoter stake is at 86.47% as of December 2023. This includes 36.48% of Sun Life (India) AMC Investments and 49.99% of parent Aditya Birla Capital.
Securities law requires all listed companies in India to ensure that at least 25% of their equity is held by non-promoters i.e. public shareholders.
Aditya Birla Sun Life hit the secondary market in October 2021 and is required to achieve a minimum public float of 25% of its paid-up capital within three years.
Shares of Aditya Birla Capital and Aditya Birla Sun Life closed 0.58% and 0.75% lower respectively on the BSE, as compared with a 0.14% advance in the benchmark Sensex.
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