Aditya Birla Sun Life Asset Management Company (ABSLAMC), a material subsidiary of Aditya Birla Capital, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offer by way of an offer for sale of shares.
This follows Aditya Birla Capital Ltd (ABCL) approving sale of up to 28.5 lakh equity shares of face value of Rs 5 each held in ABSLAMC out of the total paid-up share capital of 28.8 crore equity shares, the company said in a statement.
Sun Life India AMC Investments Inc, the joint venture shareholder in ABSLAMC, approved the sale of up to 3.6 crore equity shares of face value of Rs 5 each held in ABSLAMC through the IPO.
The proposed sale of equity shares by ABCL and Sun Life India in the IPO will together constitute up to 13.5 per cent of the paid-up share capital of ABSLAMC.
ABCL is the holding company for financial services businesses of Aditya Birla Group. The financial solutions group has more than 22,000 employees, 850-plus branches, and more than two lakh agents and channel partners serving an active customer base of over two crore people.
( With inputs from ANI )
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