India: Aditya Birla Capital, Sun Life to sell stake in asset management biz IPO

Kumar Mangalam Birla, Chairman, Aditya Birla Group. Photo: Mint

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.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.