Aditya Birla Capital and Sun Life AMC are reportedly planning to sell around 5 per cent of their stake in Aditya Birla Sun Life AMC. The proposed sale is to comply with minimum public shareholding (MPS) norms which state that at least 25 per cent of a listed firm should be held by the public.
According to a CNBC-TV18 report Aditya Birla Capital will lower its stake in the fund house to 45 per cent, while Sun Life AMC could trim it down to 30 per cent. While the former currently owns a 49.99 per cent stake, Sun Life (India) AMC Investments has a 36.48 per cent stake. Shares of Aditya Birla Sunlife AMC on Tuesday ended over 4 per cent lower at Rs 504.10 on the BSE.
On Monday, Aditya Birla Capital (ABC) had announced the merger of its wholly-owned subsidiary Aditya Birla Finance (ABF) with itself. While ABC is a listed systemically important non-deposit-taking core investment company, ABF is a non-deposit-taking systemically important NBFC (non-bank finance company).
“Post completion of the amalgamation, Aditya Birla Capital will get converted from a holding company to an operating NBFC. This will create a unified large entity with greater financial strength and flexibility enabling direct access to capital,” the company had said.
This will make Aditya Birla Finance the first entity among the upper layer non-bank finance companies (NBFCs) to set a clear path for complying with Reserve Bank of India’s (RBI) scale-based regulations which require mandatory listing of ABF by September 2025, it added.
Tata Sons is reportedly looking at ways of avoiding the IPO. In 2022, the banking regulator had come out with a list of 16 upper-layer NBFCs that need to follow the requirements, including mandatory listing by September 30, 2025.