The Board of Directors of Aditya Birla Capital has approved the sale of 28,50,880 shares of its subsidiary Aditya Birla Sun Life AMC through an initial public offering.
Aditya Birla Sun Life AMC has a paid-up share capital of 28,80,00,000 equity shares of ₹5 face value. However, the Board has not decided the IPO date and the issue price. Aditya Birla Mutual Fund’s average assets under management stood at ₹2.69 lakh crore as of March-end.
Post the IPO, Birla Mutual Fund will become the fourth fund house to be listed on stock exchanges. Currently, HDFC Asset Management Company, Nippon Life India Asset Management, and UTI Asset Management Company are listed on the bourses.