The promoters of Aditya Birla Sun Life Asset Management Company will sell up to 10 per cent through offer-for-sale (OFS) to meet market regulator SEBI’s regulation on the minimum public shareholding. The OFS will start for non-retail and retail investors on Tuesday and Wednesday. The floor price, which has been fixed at ₹450 a share, is at 5 per cent discount to the closing price of ₹475 on Monday.

Initially, Adtiya Birla Capital and Sun Life (India) AMC Investments Inc will offload 3.05 per cent and 3.95 per cent, respectively, and in case of over-subscription AB Capital will sell another 1.95 per cent while Sun Life (India) AMC Investments Inc will sell an additional 2.53 per cent.

The Asset Monetisation Committee of the Board of Directors of Aditya Birla Capital in its meeting on Monday approved the sale of shares up to 1,43,88,662 equity shares of Aditya Birla Sun Life AMC representing 4.99 per cent of the issued and paid-up equity share capital of the AMC, by way of an OFS through stock exchange mechanism, said the company in a statement on Monday.

The sale of share is in order to achieve minimum public shareholding of the ABSL AMC, as required under the applicable laws, it added. Shares of Aditya Birla Capital was down marginally at ₹173.