New IPO: Aditya Birla Sun Life AMC files draft papers with Sebi

Aditya Birla Sun Life AMC, a subsidiary of Aditya Birla Capital has filed a draft red herring prospectus for an initial public offering (IPO) with market regulator Securities and Exchange Board of India (Sebi).

Aditya Birla AMC will join its peers that have listed recently on the bourses including HDFC AMC, Nippon AMC and UTI AMC.

The preliminary papers were filed on April 19, 2021, for an IPO by way of an offer for sale (OFS) of the shares of the company. The board of Aditya Birla Capital on April 14 had approved the IPO of Aditya Birla Sun Life AMC.

The IPO comprises of sale of up to 28.5 lakh shares by parent Aditya Birla Capital in Aditya Birla Sun Life AMC and up to 3.6 crore shares held by Sun Life (India) AMC Investments in the firm. Together, the sale proposes to sell 13.5 percent of paid-up share capital in Aditya Birla AMC.

"Aditya Birla Capital has approved the sale of up to 28,50,880 equity shares of the face value of Rs 5 each held in Aditya Birla Sun Life AMC and Sun Life (India) AMC Investments Inc, the joint venture shareholder in Aditya Birla Sun Life AMC, approved the sale of up to 3,60,29,120 equity shares of the face value of Rs 5 each held in Aditya Birla Sun Life AMC", the company said in a BSE filing.

Aditya Birla Sun Life AMC is a joint venture between the Aditya Birla Group and Sun Life Financial, Canada. Aditya Birla Capital holds 51 percent in Aditya Birla Sun Life AMC, the remaining 49 percent is held by Sun Life.