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Aditya Birla Capital shares gain 5% after subsidiary files DRHP for IPO

Aditya Birla Capital shares gain 5% after subsidiary files DRHP for IPO

Aditya Birla Capital shares gain 5% after subsidiary files DRHP for IPO
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By CNBCTV18.com Apr 20, 2021 11:55:40 AM IST (Published)

The share price of Aditya Birla Capital rallied over 5 percent after the company’s subsidiary Aditya Birla Sun Life AMC Ltd (ABSLAMC) filed a draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) by way of an offer for sale of shares.

The share price of Aditya Birla Capital rallied over 5 percent after the company’s subsidiary Aditya Birla Sun Life AMC Ltd (ABSLAMC) filed a draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) by way of an offer for sale of shares.

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Aditya Birla Capital Ltd (ABCL) has approved sale of up to 28,50,880 equity shares of face value of Rs 5 each held in ABSLAMC out of the total paid-up share capital of 28,80,00,000 equity shares of ABSLAMC, the company said in a regulatory filing.
Sun Life (India) AMC Investments Inc., the joint venture shareholder in ABSLAMC, approved the sale of up to 3,60,29,120 equity shares of the face value of Rs 5 each held in ABSLAMC through the IPO.
The proposed sale of equity shares by ABCL and Sun Life India in the IPO will together constitute up to 13.50 percent of the paid-up share capital of ABSLAMC.
At 11:10 am, the shares of Aditya Birla Capital were trading 2.43 percent higher at Rs 118.25 apiece on the BSE.
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