Two promoter entities will exercise their greenshoe option in the offer for sale of Aditya Birla Sun Life AMC Ltd.
Aditya Birla Capital Ltd. and Sun Life (India) AMC Investments Inc. will offload up to 4.47% stake, or 1.28 crore shares, under its oversubscription option. The divestment is part of plans to meet minimum public shareholding norms.
The OFS opened for institutional investors on Tuesday and was subscribed 217.37%. The bid window opens for retail investors on March 20.
The floor price has been set at Rs 450 per share.
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—that is 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 the company closed 3.30% lower on the BSE, as compared with a 1.01% decline in the benchmark Sensex.
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