On March 19, Aditya Birla Sun Life AMC experienced a notable 2 percent decline in its opening trading session. This drop came in the wake of an announcement made by the company the previous day, where it disclosed that its promoters, Aditya Birla Capital and Sun Life (India) AMC Investments, had given the green light for the sale of up to 2.01 crore shares.
The impending offer, scheduled to kick off on March 19, has been pegged with a floor price of Rs 450 per share. As the trading day commenced at 9:30 am, the stock was observed trading at Rs 465.80 on the National Stock Exchange.
In accordance with a regulatory filing, Aditya Birla Sun Life AMC intends to divest 2.01 crore shares, accounting for approximately 7 percent of the issued and paid-up equity share capital of the company, through an offer for sale (OFS). The primary objective behind this move is to meet the minimum public shareholding requirement.
The OFS is set to commence on March 19 for non-retail investors, followed by March 20 for retail investors. Additionally, there is an option to further sell up to 1.28 crore shares, equating to a 4.47 percent stake.
As per the filing, the oversubscription option is slated to encompass 11.47 percent of the total issued and paid-up equity share capital, equivalent to 3.3 crore shares.
In the third quarter of fiscal year 2023-24, Aditya Birla AMC disclosed a noteworthy 26 percent year-on-year surge in net profit, reaching Rs 209.34 crore, up from Rs 166.3 crore recorded in the corresponding period of the previous fiscal year. Concurrently, the total income for the quarter expanded to Rs 420.96 crore, marking a growth from Rs 363.17 crore reported in the prior fiscal year.
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