Aditya Birla Sun Life AMC promoters to sell up to 11.47% stake via OFS
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Aditya Birla Capital and Sun Life (India) AMC Investments have granted approval today, March 18, for the sale of a maximum of 2.01 crore shares of Aditya Birla Sun Life AMC. This sale represents 7 percent of the company’s issued and paid-up equity share capital.
The sale will be conducted through an offer for sale (OFS) with the aim of meeting the minimum public shareholding requirement of Aditya Birla Sun Life AMC.
The offer is scheduled to commence on March 19 for non-retail investors and on March 20 for retail investors. An additional option to sell up to 1.28 crore shares, equivalent to a 4.47 percent stake, will be available. This oversubscription option accounts for 11.47 percent of the total issued and paid-up equity share capital or 3.3 crore shares of the company. The floor price for the offer has been fixed at ₹450 per share.
The brokers for the transaction include BofA Securities India, IIFL Securities, Jefferies India, and Spark Institutional Equities.
SEBI mandates that non-promoters hold a 25 percent stake in all listed companies to avoid an imbalance between demand and supply. High promoter holdings can create an artificial scarcity of shares for public trading.
In Aditya Birla Sun Life AMC, promoters currently own an 86.47 percent stake, leaving the remainder for public shareholders. Among the promoter group, AB Capital holds approximately 49.99 percent stake in the company.
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Published: 18 Mar 2024, 09:41 PM IST
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