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Aditya Birla Capital and Sun Life (India) AMC Investments today, March 18, granted approval for the sale of up to 2.01 million shares of Aditya Birla Sun Life AMC. This sale represents 7 percent of the company’s issued and paid-up share capital.
The sale will be carried out through an offer for sale (OFS) with an objective to meet the minimum public shareholding requirement of Aditya Birla Sun Life AMC.
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The offering is scheduled to begin on March 19 for non-retail investors and March 20 for retail investors. An additional option will be available to sell up to 1.28 crore shares, equivalent to a 4.47 per cent stake. This oversubscription option represents 11.47 percent of the total issued and paid-up share capital or 3.3 million shares of the company. The minimum bid price has been set at $450 per share.
The brokers on the transaction include BofA Securities India, IIFL Securities, Jefferies India and Spark Institutional Equities.
SEBI requires non-promoters to hold 25 per cent stake in all listed companies to avoid an imbalance between supply and demand. High promoter holdings can create an artificial shortage of shares for public trading.
In Aditya Birla Sun Life AMC, promoters currently hold 86.47 per cent stake, leaving the rest to public shareholders. Among the promoter group, AB Capital holds approximately 49.99 per cent stake in the company.
AB Sun Life AMC acts as investment manager of AB Sun Life MF, a legally registered trust governed by the Indian Trust Act.
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In addition to managing the mutual fund, AB Sun Life AMC offers various alternative investment strategies, including portfolio management services, real estate investments and alternative investment funds (AIFs). It stands out as a leading asset manager in India, serving approximately 7.98 million investor folios and has a total assets under management (AUM) of $3.24 lakh crore as on December 31, 2023.
On March 18, before the announcement, AB Sun Life AMC shares ended trading 1.28 percent lower, settling at $472.70.
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