Aditya Birla Sun Life AMC Limited, a material subsidiary of Aditya Birla Capital, has filed IPO Papers with Securities and Exchange Board of India for an initial public offering. The shares of Aditya Birla Capital rose more than 5 per cent on the BSE in mid-morning trading to touch an intra-day high of Rs 122 on the back of the news development. At 11:30 am, the shares were trading at Rs 118.20, up 2.3 per cent, on the BSE.
"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," Aditya Birla Capital said in a regulatory filing to the stock exchanges.
The IPO will comprise an 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 said.
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 per cent in Aditya Birla Sun Life AMC and the remaining 49 per cent stake is held by Sun Life. Aditya Birla Capital is a part of the Aditya Birla Group
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