Aditya Birla Capital Ltd and Sun Life (India) AMC on Wednesday said that they will together sell a 13.5% stake in their asset management joint venture – Aditya Birla Sun Life AMC Ltd.
Aditya Birla Capital in a notice to exchanges said that its board has approved sale of up to 2.88 million shares held by it in the asset management business, while Sun Life (India) AMC wil sell upto 36.03 million shares.
Aditya Birla Sun Life AMC is a joint venture between the Aditya Birla Group and Sun Life Financial. Aditya Birla Capital holds 51% in Aditya Birla Sun Life AMC, the remaining 49% is held by Sun Life.
Mint was the first to report on 8 March that the Aditya Birla Group plans to take its asset management business public through a ₹5,000 crore initial public offering to raise funds for expansion.
At the end of September quarter 2020, Aditya Birla Sun Life AMC’s total domestic asset under management stood at ₹2.38 trillion.
At present, HDFC AMC, UTI AMC, Nippon Life India AMC are listed on domestic bourses.
This article was first published on livemint.com.