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Aditya Birla Solar Life Asset Administration Firm (AMC) on Monday mentioned its promoters will divest 11.47 per cent stake (33 million shares) within the firm by the offer-for-sale (OFS) route.
The ground value for the OFS, which opens on Tuesday, has been set at Rs 450 per share. This can be a low cost of 5 per cent to the present market value.
On the flooring value, promoter entity Aditya Birla Capital and Solar Life will be capable of mop up a complete of Rs 1,485 crore.
In an change submitting, the asset supervisor mentioned the stake sale was being performed to attain the 25 per cent minimal public shareholding requirement.
The bottom provide dimension is 20 million. In case of oversubscription, the promoters can promote a further 12.9 million shares.
If the OFS is totally subscribed, the promoter shareholding will fall from 86.47 per cent to 75 per cent.
Aditya Birla Solar Life AMC had come out with its IPO in September 2021.
In the course of the maiden share sale, shares of the corporate have been priced at Rs 712 per share.
The corporate has time till September 2024 to carry down the promoter holding to not less than 75 per cent.
Analysts mentioned the promoter divestment will take away a key overhang for the inventory.
Aditya Birla Solar Life AMC is without doubt one of the 4 listed AMCs with property below administration by mutual funds of over Rs 3 trillion.
First Revealed: Mar 18 2024 | 8:37 PM IST
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