Aditya Birla Sun Life AMC OFS opens on Tue; fixes floor price of Rs 450 cr

Aditya Birla Sun Life AMC on Monday said its promoters propose to sell 7 per cent of their stake for Rs 900 crore.

The promoters, Aditya Birla Capital Ltd and Sun Life (India) AMC Investments Inc, propose to sell up to 20,166,293 shares of the company representing 7 per cent of stake by way of an offer-for-sale (OFS) through stock exchange mechanism, a regulatory filing said.

At the base offer, promoters would raise Rs 900 crore, while with the green shoe option they would raise about Rs 1,487 crore.

The two-day OFS opens on Tuesday and closes on Wednesday, it said.

The OFS comes with an option to additionally sell up to 12,886,277 shares representing 4.47 per cent, it said.

The base offer size and the oversubscription option will represent 11.47 per cent of the total issued and paid up share capital of the company, that is 33,052,570 shares, it said.

The floor price for the offer would be Rs 450 per share, it said.

Shares of Aditya Birla Sun Life AMC Ltd closed at Rs 475.35, down 0.75 per cent on the BSE.