 "Divestment, privatisation, stake sale, disinvestment")
The offer for sale (OFS) by Aditya Birla Sun Life (ABSL) Asset Management Company (AMC) garnered full subscription on Tuesday. The share sale received bids for 39.5 million shares as against 33 million on offer. Most of the bids came at Rs 458 as against floor price of Rs 450.
Shares of ABSL AMC fell 3.3 per cent to finish at Rs 460 on the BSE. Through the OFS, promoters of the asset manager sold 11.47 per cent stake to comply with the 25 per cent minimum public shareholding norms.
The Aditya Birla Group, which holds 50 per cent stake in the AMC, offloaded 5 per cent, while Sun Life, which has 36.48 per cent, sold 6.47 per cent stake. Following the OFS, the promoter shareholding will fall from 86.47 per cent to 75 per cent.
About 3.3 million shares reserved for retail investors will be auctioned on Wednesday. In case of a demand shortfall, the unsubscribed shares will be allotted to non-retail investors.
BofA India, IIFL Securities, Jefferies, and Spark Institutional are the investment banks handling the share sale.
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The Aditya Birla Sun Life AMC is one of the four listed AMCs with assets under management through mutual funds at over Rs 3 trillion. Analyst Clarence Chu of Aequitas Research, who publishes on Smartkarma, commented that ABSL AMC is currently trading at 18 times the financial year 2025 and 16.3 times the financial year 2026 price-to-earnings (P/E) ratios.
“While valuations don't seem too demanding, the firm is projected to grow its net income in the 5-9 per cent year-on-year range over the next two periods,” he said.
