Aditya Birla Sun Life AMC raises Rs 789 cr from anchors

Aditya Birla Sun Life Asset Management raised ₹789 crore from 50 anchor investors on Tuesday ahead of its initial public offering. The offer will open for subscription on Wednesday and close on Friday.

About 1.11 crore shares were allotted to anchor investors including HSBC Global, International Monetary Fund, Abu Dhabi Investment Authority, Abakkus, Morgan Stanley, BNP Paribas, and domestic mutual funds such as ICICI Prudential, Kotak, HDFC, SBI, Axis, UTI among others at ₹712 per share.

The IPO is an offer for the sale of up to 3.88 crore shares by two major shareholders. Aditya Birla Capital which owns a 51% stake in the AMC, would sell up to 28.51 lakh shares, while Canada's Sun Life AMC, which holds a 49% stake, will offload 3.6 crore shares. The offer will constitute 13.5% of the post-offer paid-up equity of the company.


The price band of the share sale has been fixed at ₹695-712 per share. At the upper end of the price band, the IPO will raise around ₹2,766 crore.