Aditya Birla Sun Life AMC fell around 2 percent at the open on March 19, a day after the company reported that promoters Aditya Birla Capital and Sun Life (India) AMC Investments had approved the sale of up to 2.01 crore shares.
The floor price for the offer, which opens on March 19, is set at Rs 450 apiece. At 9.30 am, the stock was trading at Rs 465.80 on the National Stock Exchange.
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According to a filing, 2.01 crore shares of Aditya Birla Sun Life AMC, representing around 7 percent of the issued and paid-up equity share capital of the company, would be sold through an offer for sale (OFS) to achieve minimum public shareholding.
The offer opens on March 19 for non-retail investors and on March 20 for retail investors with the option to additionally sell up to 1.28 crore shares or a 4.47 percent stake.
According to the filing, the oversubscription option will represent 11.47 percent of the total issued and paid-up equity share capital or 3.3 crore shares.
Also read: Aditya Birla Sun Life AMC: Promoters to sell up to 11.47% stake in OFS
In Q3FY24, Aditya Birla AMC reported a 26 percent YoY increase in net profit at Rs 209.34 crore from a net profit of Rs 166.3 crore in Q3FY23. Total income for the reporting period grew to Rs 420.96 crore from Rs 363.17 crore in the previous fiscal.
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