Aditya Birla Sun Life AMC IPO to open on Sep 29; units value band at Rs 695-712 /share
2 min readAditya Birla Sun Life AMC on Friday mentioned it has mounted a value band of Rs 695-712 a share for its over Rs 2,768-crore preliminary share-sale.
The three-day preliminary public providing (IPO) will open for subscription on September 29 and conclude on October 1, the corporate introduced in a digital press convention.
The preliminary share-sale is fully a proposal on the market, whereby two promoters — Aditya Birla Capital and Sun Life (India) AMC Investments — will divest their stake within the asset administration agency.
The IPO of as much as 3.88 crore fairness shares includes a proposal on the market of as much as 28.51 lakh fairness shares by Aditya Birla Capital and as much as 3.6 crore fairness shares by Sun Life AMC.
The proposed sale of fairness shares by Aditya Birla Capital and Sun Life India within the IPO will collectively represent as much as 13.50 per cent of the paid-up share capital of Aditya Birla Sun Life AMC.
At the higher finish of the worth band, the preliminary share-sale is anticipated to fetch Rs 2,768.25 crore.
Aditya Birla Sun Life AMC, the funding supervisor of Aditya Birla Sun Life Mutual Fund, is a three way partnership between the Aditya Birla Group and the Sun Life Financial Inc of Canada.
Asset administration companies like Nippon Life India Asset Management, HDFC AMC and UTI AMC are already listed on the inventory exchanges.
Aditya Birla Sunlife MF, the fourth largest fund home, had a mean property beneath administration of Rs 2.93 lakh crore as of June quarter. At current, it manages 118 schemes.
Since its inception in 1994, the fund home has established a geographically diversified pan-India distribution presence protecting 284 areas unfold over 27 states and 6 union territories.
Half of the problem dimension has been reserved for certified institutional consumers (QIBs), 35 per cent for retail buyers and the remaining 15 per cent for non-institutional buyers.
Investors can bid for no less than 20 fairness shares and in multiples of 20 fairness shares thereafter.
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) are the service provider bankers to the problem.
The asset administration firm, which had filed preliminary IPO papers with Sebi in April, obtained its clearance in August.
Earlier in June, Sebi had saved proposed preliminary share-sale of Aditya Birla Sun Life AMC in “abeyance”. However, the regulator had not disclosed the explanation for a similar.