Aditya Birla Sun Life AMC stock falls 2% after OFS for 2.1 crore shares open

Aditya Birla Sun Life AMC stock declined around 2% in the opening trade on March 19, following the approval granted by promoters Aditya Birla Capital and Sun Life (India) AMC Investments for the sale of up to 2.01 crore shares.

The floor price for the offer, commencing on March 19, has been set at Rs 450 per share. As of 10:15 am, the shares recorded a 1.42% decrease, trading at ₹467.80.

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The proposed sale, as per the filing, will be for about 7% of the issued and paid-up equity share capital of Aditya Birla Sun Life AMC Ltd to be achieved through offer for sale (OFS) to meet the minimum public shareholding requirement. For non-retail investors, the issue will open on March 19, while retail investors will take part on March 20 with an option to further sell up to 1.28 crore equity shares, representing 4.47% of the stake. Additionally, the filing adds that an Option to Subscribe shall additionally be offered for oversubscription of 11.47% of the total issue size or 3.3 crore shares.

The third quarter of FY24 saw Aditya Birla AMC record a 26 percent year-on-year boost in net profit, totaling Rs 209.34 crore versus Rs 166.3 crore in Q3FY23. Total income for the period increased from Rs 363.17 crore in Q3FY23 to Rs 420.96 crore.