Aditya Birla Sun Life AMC Limited (ABSLAMC), a physical subsidiary of Aditya Birla Capital, has drafted the Red Herring Prospectus (DRHP) through a proposal for an initial public offer with the Securities and Exchange Board of India (SEBI). Sale of shares of ABSLAMC.
Aditya Birla Capital Limited (ABCL) has approved the sale of 28,50,880 equity shares of face value of Rs 5 each held in ABSLAMC out of the total paid up share capital of 28,80,00,000 equity shares, the company said in a release. .
Sun Life (India), a joint venture shareholder in ABSLAMC, AMC Investments Inc. approved the sale of up to 3,60,29,120 shares of face value of Rs 5 each held in ABSLAMC through IPL.
The proposed sale of equity shares by ABCL and Sun Life India in the IPL would amount to 13.50 per cent of the paid up share capital of ABSLAMC.
Aditya Birla Sun Life AMC Limited, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and Sun Life Financial Inc. of Canada.
An offer for sale (OFS) is a simple way for promoters of publicly traded companies to sell shares through an exchange platform to cut their holdings and comply with minimum public shareholding criteria. The OFS mechanism is used only when existing shares are placed on the block. Promoters or shareholders holding more than 10 percent share capital in a company can come up with such issue. He said that no concrete steps have been taken by the government to prevent such incidents.
In the previous trading session, Aditya Birla Capital lost 3.87 percent or Rs 4.65 to close at Rs 115.45 on the BSE.