Aditya Birla Sun Life AMC raises Rs 789 cr from anchor investors ahead of IPO
Aditya Birla Sun Life AMC on Tuesday said it has collected Rs 789 crore from anchor investors ahead of its initial share sale that opens for public subscription on Wednesday.
It was decided to allot 1,10,80,800 shares to anchor investors at Rs 712 apiece, valuing the aggregate transaction at Rs 788.95 crore, according to a circular uploaded on the BSE website.
ICICI Prudential Mutual Fund (MF), SBI MF, SBI Life Insurance Co Ltd, Axis MF, UTI MF BNP Paribas Arbitrage, Max Life Insurance Company and HSBC Global Investment Funds are among the anchor investors.
The initial share-sale is entirely an offer for sale, wherein two promoters -- Aditya Birla Capital and Sun Life (India) AMC Investments -- will divest their stake in the asset management firm.
The IPO of up to 3.88 crore equity shares comprises an offer for sale of up to 28.51 lakh equity shares by Aditya Birla Capital and up to 3.6 crore equity shares by Sun Life AMC.
The issue, with a price band of Rs 695-712 a share, will open for subscription on September 29 and conclude on October 1.
At the upper end of the price band, the initial share sale is expected to fetch Rs 2,768.25 crore.
Aditya Birla Sunlife MF, the fourth largest fund house, had an average asset under management of Rs 2.93 lakh crore as of the June quarter. At present, it manages 118 schemes. Since its inception in 1994, the fund house has established a geographically diversified pan-India distribution presence covering 284 locations spread over 27 states and six union territories.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
Investors can bid for a minimum of 20 equity shares and in multiples of 20 equity shares thereafter.
Kotak Mahindra Capital Company, BofA Securities, Citigroup Global Markets India, Axis Capital, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Advisors, SBI Capital Markets and YES Securities (India) Limited are the merchant bankers to the issue.
The asset management company, which had filed preliminary IPO papers with Sebi in April, obtained its clearance in August.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Aditya Birla Sun Life AMC
- Aditya Birla Group
- Axis MF
- Aditya Birla Capital
- Nippon Life India Asset Management
- Sun Life AMC
- SBI Life Insurance Co Ltd
- HDFC Bank
- ICICI Securities
- Aditya Birla Sun Life Mutual Fund
- Birla Sunlife MF
- Aditya Birla
- Sun Life Financial Inc of Canada
- HDFC AMC
- Securities (India) Limited
- UTI AMC
- IIFL Securities
- Axis Capital