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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 proposed sale of equity shares by Aditya Birla Capital and Sun Life India in the IPO will together constitute up to 13.50 per cent of the paid-up share capital of Aditya Birla 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 Sun Life AMC Ltd, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between Aditya Birla Group and Sun Life Financial Inc of Canada.
(With inputs from PTI)
