Latest News | Aditya Birla Sun Life AMC Files IPO Papers
Get latest articles and stories on Latest News at LatestLY. Aditya Birla Sun Life AMC has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,500-2,000 crore through an initial share-sale.
New Delhi, Apr 20 (PTI) Aditya Birla Sun Life AMC has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,500-2,000 crore through an initial share-sale.
The initial public offer (IPO) is entirely an offer for sale, wherein two promoters-- Aditya Birla Capital and Sun Life (India) AMC Investments-- will divest their stake in the asset management firm.
The IPO of up to 3.88 crore equity shares comprises an offer for sale of up to 28.51 lakh equity shares by Aditya Birla Capital and up to 3.6 crore equity shares by Sun Life AMC, draft red herring prospectus (DRHP) filed with Sebi showed on Monday.
The proposed sale of equity shares by Aditya Birla Capital and Sun Life India in the IPO will together constitute up to 13.50 per cent of the paid-up share capital of Aditya Birla Sun Life AMC.
On the basis of average industry price earning ratio, the IPO is expected to fetch Rs 1,500-2,000 crore, merchant banking sources said.
Aditya Birla Sun Life AMC Ltd, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and the Sun Life Financial Inc of Canada.
Asset management firms like Nippon Life India Asset Management, HDFC AMC and UTI AMC are already listed on the stock exchanges.
Aditya Birla Sunlife MF, the fourth largest fund house, has an average assets under management of Rs 2.7 lakh crore as of March quarter.
Kotak Mahindra Capital Company, BofA Securities, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors , SBI Capital Markets and YES Securities (India) Limited have been appointed as merchant bankers to the issue.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)