Aditya Birla Capital board approves AMC arm's IPO

MUMBAI: Aditya Birla Capital on Wednesday said its board has approved an initial public offering of subsidiary Aditya Birla Sun Life AMC. The board has approved an offer for sale of up to 28.5 lakh shares of face value of Rs 5 held by the company in the AMC, the company said in a notification to exchanges.

Sun Life (India) AMC Investments Aditya Birla Capital's joint venture shareholder in the AMC, plans to sell 3.6 crore shares through the IPO. The proposed sale from both partners amounts to 13.5 per cent of the total paid-up share capital.

The IPO will be subject to market conditions, receipt of applicable approvals and other considerations, said Aditya Birla Capital. Shares of Aditya Birla Capital ended up 2.4 per cent at Rs 116.10 on Tuesday.