Aditya Birla Capital (ABC) on Wednesday said that its board has approved initial public offering (IPO) of its subsidiary Aditya Birla Sun Life (ABSL).
The AMC is a joint venture between the Aditya Birla Group and Canada's Sun Life Financial.
In a regulatory filing, ABC said the board approved sale of up to 2.9 million shares held by it in Aditya Birla Sun Life AMC. Sun Life has approved sale of upto 36.03 million shares in the fund house, ABC informed the exchanges.
The IPO will be subject to market conditions and receipt of applicable approvals, the company said.
ABSL is the fourth largest AMC in India with an AUM of Rs.2.70 lakh crore as of March-end 2021.
At present, HDFC AMC, UTI AMC and Nippon Life India AMC are listed on domestic bourses.
SBI MF, India's biggest AMC, is also looking to go public. The company, according to recent reports, was planning to kick off the IPO process in the coming months. The AMC manages assets worth over Rs 5 lakh crore, according to latest data released by AMFI.
