MUMBAI: Aditya Birla Capital on Monday said its subsidiary Aditya Birla Sun Life Asse Management Company (AMC) has filed a draft red herring prospectus (DRHP)  the Securities and Exchange Board of India (Sebi) to float its initial public offering (IPO).

 "Aditya Birla Sun Life AMC Ltd (ABSLAMC), a material subsidiary of Aditya Birla Capital, filed a draft red herring prospectus (DRHP) dated 19th April 2021 with the Securities and Exchange Board of India for an initial public offering by way of an offer for sale (IPO) of shares of ABSLAMC, subject to relevant approvals as required," Aditya Birla Capital said in a regulatory filing on Tuesday.

Aditya Birla Capital has approved the sale of up to 28,50,880 equity shares of face value of Rs 5 each held in ABSLAMC out of the total paid-up share capital of 28,80,00,000 equity shares of Aditya Birla Sun Life AMC, the company added. As per the filing, Sun Life (India) AMC Investments Inc, the joint venture shareholder in Aditya Birla Sun Life AMC, approved sale of up to 3,60,29,120 equity shares of face value of Rs 5 each held in Aditya Birla Sun Life AMC through the IPO.

The proposed sale of equity shares by Aditya Birla Capital and Sun Life India in the IPO will together constitute up to 13.50 percent of the paid-up share capital of Aditya Birla Sun Life AMC, Aditya Birla Capital said.

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