Aditya Birla Capital to sell 4.99% stake of Aditya Birla Sun Life AMC via OFS

Aditya Birla Capital on Monday said it will sell 4.99 per cent stake of Aditya Birla Sun Life AMC via offer for sale (OFS) to meet minimum public shareholding norms. "The Asset Monetisation Committee of the Board of Directors of Aditya Birla Capital Limited, at its meeting held today on 18 March, 2024, approved the sale of shares up to 1,43,88,662 equity shares of Aditya Birla Sun Life AMC Limited...," the company said in an exchange filing.

The company has to reduce the promoter stake to 75 per cent by September 2024 from the current 86.47 per cent. As per the company's latest shareholding data, Aditya Birla Capital owned a 49.99 per cent stake while Sun Life (India) AMC Investments had a 36.48 per cent ownership.

Aditya Birla Sun Life AMC reported a 26% increase in December quarter net profit to Rs 209 crore against Rs 166 crore last year. The company's income increased 16 per cent to Rs 421 crore (Rs 363 crore). Expenses were up 12 per cent at Rs 157 crore (Rs 140 crore).

The quarterly average AUM including alternate assets was up 11 per cent to Rs 3.25 lakh crore while the MF asset also increased 11 per cent to Rs 3.11 lakh crore. Equity asset jumped 13 per cent to Rs 1.36 lakh crore with an individual monthly average AUM of Rs 1.66 lakh crore an increase of 14 per cent.