Aditya Birla Capital's Board of Directors has provided an in-principle approval to its mutual fund arm Aditya Birla Sun Life AMC, India's fourth largest asset management company (AMC), to explore the possibility of launching an initial public offering, Aditya Birla Capital said on Wednesday.
"The Board of Directors of Aditya Birla Capital at its meeting held today i.e. 17 March 2021, has provided its in-principle approval to explore an initial public offering of Aditya Birla Sun Life AMC, a material subsidiary of the Company subject to market conditions, receipt of applicable approvals and other considerations," Aditya Birla Capital said in a in a regulatory filing to the stock exchanges.
Aditya Birla Capital holds 51 per cent in Aditya Birla Sun Life AMC and the remaining 49 per cent is held by Sun Life, a Canadian financial services company.
Asset management companies, HDFC AMC, Nippon AMC and UTI AMC, are currently listed on the bourses.
At 11:30 am, the shares of Aditya Birla Capital had edged higher by 0.3 per cent at Rs 126.20 on the BSE.