Aditya Birla Sun Life AMC files DRHP with Sebi

Aditya Birla Capital on Tuesday said its material subsidiary Aditya Birla Sun Life AMC (ABSLAMC) has filed preliminary papers for an initial public offer (IPO) with market regulator Securities and Exchange Board of India (Sebi). 

Aditya Birla Sun Life AMC filed a draft red herring prospectus (DRHP), dated April 19, 2021, with Sebi for an IPO by way of an offer for sale (OFS) of the shares of the company. 

The IPO comprises of sale of up to 28,50,880 equity shares of face value of Rs 5 each held by Aditya Birla Capital in ABSLAMC and sale of up to 3,60,29,120 equity shares of face value of Rs 5 each held by Sun Life (India) AMC Investments in ABSLAMC, together constituting up to 13.50 per cent of the total paid-up share capital of ABSLAMC.

The board of Aditya Birla Capital on April 14 had approved the IPO of Aditya Birla Sun Life AMC.

Aditya Birla AMC will join a slew a fund houses that have listed recently on the bourses such as HDFC AMC, Nippon AMC and UTI AMC. 

“The fact is that Aditya Birla Sun Life AMC in absence of a major distribution partner it has been able to become quite a sizable entity. They have grown the business with sincerity and they are not flamboyant. These are some of the advantages of the fund house. The IPO will unlock huge value for the fund house,” Dhirendra Kumar, CEO at Value Research had said in March this year. READ HERE
 

Shares of Aditya Birla Capital, meanwhile, were trading 3 per cent higher at Rs 118.90 on the BSE in early morning session.