Aditya Birla Capital on Wednesday confirmed its plan to lists its mutual fund business on the stock exchanges.
The company's board of directors has given in-principal approval to explore the initial public offering (IPO) of Aditya Birla Sun Life (ABSL) Mutual Fund.
"This is to inform you that the Board of Directors of Aditya Birla Capital at its Meeting held today i.e. 17 March 2021, has provided its in principle approval to explore an initial public offering of Aditya Birla Sun Life AMC Limited, a material subsidiary of the company subject to market conditions, receipt of applicable approvals and other considerations," the company said in a regulatory filing.
The filing did not mention the amount the company plans to raise.
A few days back, there was a report that the AMC was in talks with potential bankers to raise Rs.5,000 crore through the IPO to fund expansion.
ABSL is not the only AMC that is looking to go public. SBI MF reportedly plans to issue its IPO soon. In fact, the company is in with discussion with its board and shareholder Amundi Asset Management, according to a recent report.
Both SBI MF and ABSL are among the largest fund houses in India. As of December 2020, SBI MF was the largest in India with Rs.4.56 lakh crore of AUM. Aditya Birla Sun Life Mutual Fund is at fourth spot with AUM of Rs. 2.55 lakh crore.
