Shares of Aditya Birla Capital gained 1.17 per cent to end the day at Rs 116.90
Despite the benchmark indices shaved off all the gains that occurred to it in the opening trades and ending in red, the stock of Aditya Birla Capital remained firm and closed in green at the end of the day following the news of its subsidiary Aditya Birla Sun Life AMC (ABSL AMC) filing papers for its Initial Public Offering (IPO) with the regulator Sebi. ABSL AMC will become the fourth AMC to be listed in the secondary market from the AMC space.
Shares of Aditya Birla Capital gained 1.17 per cent to end the day at Rs 116.90. The counter clocked the trading volume of 36.98 lakh shares with a deliverable percentage of 28.30 per cent.
Against this strong performance, the benchmark indices Nifty and Sensex ended lower by 0.44 per cent and 0.51 per cent respectively to end at 14,296 and 47,706 levels respectively on Tuesday.
Aditya Birla Capital on Tuesday said its material subsidiary ABSL AMC has filed preliminary papers for an IPO by way of an Offer For Sale (OFS) of the shares of the company.
ABSL AMC is a joint venture between the Aditya Birla Group and Sun Life Financial, Canada. Aditya Birla Capital holds 51 per cent in Aditya Birla Sun Life AMC, the remaining 49 per cent is held by Sun Life.
ABSL AMC IPO will comprise of sale of up to 28,50,880 equity shares of the face value of Rs 5 each held by Aditya Birla Capital in ABSL AMC and sale of up to 3,60,29,120 equity shares of the face value of Rs 5 each held by Sun Life (India) AMC Investments in ABSL AMC, together constituting up to 13.50 per cent of the total paid-up share capital of ABSL AMC.
The board of Aditya Birla Capital on April 14 had approved the IPO of Aditya Birla Sun Life AMC.
Aditya Birla AMC will join a slew of fund houses that have been listed recently on the bourses such as HDFC AMC, Nippon AMC, and UTI AMC.