Shares of Aditya Birla Sun Life Asset Management Company (ABSL AMC) surged over 6% on Wednesday following the company’s announcement of plans to raise ₹2,500 crore through the launch of ABSL Structured Opportunities Fund Series-2 in the alternate investment fund (AIF) space. The new AIF will focus on providing part-financing for corporate capex, as well as opportunistic and strategic capital.
The company has already secured ₹250 crore as part of the promoters’ contribution and deployed them in a couple of deals. ABSL AMC aims for the first closure by early next year and expects to close the fund for subscription within 12 months. The close-ended fund, which has a tenure of 5.5 years, targets a return of 14-16%.
A. Balasubramanian, Managing Director and CEO of ABSL AMC, highlighted that the private sector credit in India is expected to reach $10 trillion by FY36, which could result in private sector investments of ₹25-30 lakh crore over the next 3-5 years.
As of 10:06 AM, ABSL AMC shares were trading 6.11% higher at ₹741.00 on the NSE.
