Aditya Birla Capital is doing well despite the listless market. The stock, which had closed yesterday at Rs.115.45, opened higher today at Rs.117.75 and went on to hit an intraday high at Rs.122. Its 52-week high is at Rs.139.60.
The prospect of an IPO from its subsidiary has pushed the stock price into the green today.
Aditya Birla Sun Life AMC (ABSLAMC), a material subsidiary of Aditya Birla Capital, filed a draft red herring prospectus (DRHP) dated 19th April 2021 with SEBI for an IPO.
On offer will be up to 28,50,880 equity shares of face value of Rs. 5 each held by Aditya Birla Capital in ABSLAMC.
Sun Life (India) AMC Investments Inc. (“Sun Life India”), the joint venture shareholder in ABSLAMC, is putting on sale its 3.60 crore shares of Rs.5 FV.
The proposed sale of equity shares by ABCL and Sun Life India in the IPO will together constitute up to 13.50% of the paid-up share capital of ABSLAMC.