Aditya Birla Capital board approves initial public offering of AMC arm

The board of Aditya Birla Capital (ABCL) has given its nod for the initial public offering of subsidiary Aditya Birla Sun Life AMC, the firm said on Wednesday.

The board has approved an offer for sale of up to 2.8 million shares at face value of Rs 5 held by the company in the AMC, the firm said in a notification to exchanges, according to reports.

Through the IPO, the two promoters — Aditya Birla Capital and its joint venture partner Sun Life (India) AMC Investments Inc — will sell 2.8 million equity shares and 36 million shares, respectively. Aditya Birla Capital's shares touched the highest in over two years in March this year.