Aditya Birla Sun Life eyes IPO in Sept-Oct: Sources

The Securities and Exchange Board of India (SEBI) has approved Aditya Birla Capital's AMC arm's draft red herring prospectus (DRHP), sources said. Aditya Birla Sun Life AMC is eyeing an initial public offering (IPO) in the September-October period.

AB Capital is looking at a valuation of Rs 22,000-24,000 crore for its AMC listing and the issue size could be close to Rs 2,500 crore as per reports. Aditya Birla Capital owns 51 percent and will sell 1 percent, sources confirmed.

ABSL AMC had filed the DRHP with SEBI in April, but it had been put in abeyance by the market regulator.

An OFS is a simpler method of share sale through the exchange platform for promoters of publicly-traded companies to cut their holdings and comply with the minimum public shareholding norms. The OFS mechanism is used only when existing shares are put on the block. Only promoters or shareholders holding more than 10 percent of the share capital in a company can come up with such an issue.