Aditya Birla Sun Life AMC promoters likely to launch OFS to sell 5%: Exclusive

Aditya Birla Sun Life AMC is likely to launch an offer for sale (OFS) as the promoters Aditya Birla Capital and Sun Life (India) AMC require to trim stake to meet the public float norms, sources with direct knowledge of the matter told CNBC-TV18. The company is currently holding road shows with investors to gauge appetite, sources suggest that the intent is to sell around 5% stake.

To comply with the public float norms, the company has to reduce the promoter stake of 75% by September 2024 from the current 86.47%. Sources said that Aditya Birla Capital plans to reduce the stake to 45% from 49.99% currently and Sun Life AMC is likely to reduce to 30% from 36.48%, which was reported in December 2023 filing.

“The entire share sale could be done in a couple of tranches depending on investor demand. Currently, the company is engaged in discussions with the investors to see investor interest,” a source with direct knowledge shared.