Aditya Birla to Offload 5% Stake in Sun Life AMC via OFS

12 Mar 2024 , 03:44 PM

According to CNBC-TV18 report, Aditya Birla Sun Life AMC is expected to issue an offer for sale (OFS) because its promoters, Aditya Birla Capital and Sun Life (India) AMC, need to reduce their stake in order to comply with public float regulations. The company is currently touring with investors to see how interested they are in buying a 5% stake, according to reports.

The corporation must reduce the promoter ownership from the present 86.47% to 75% by September 2024 in order to comply with the public float regulations. According to sources, Aditya Birla Capital intends to cut its interest from 49.99% to 45%, while Sun Life AMC is probably going to cut its investment from 36.48% to 30%, as was stated in a filing dated December 2023.

Depending on investor interest, the whole share sale may be completed in a few tranches. According to a person with direct information, the company is now having talks with investors to gauge interest.

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