Aditya Birla Capital Rises Over 2% As Subsidiary Files IPO Papers

Aditya Birla Solar Life AMC Restricted, a fabric subsidiary of Aditya Birla Capital, has filed IPO Papers with Securities and Alternate Board of India  for an preliminary public providing. The shares of Aditya Birla Capital rose greater than 5 per cent on the BSE in mid-morning buying and selling to the touch an intra-day excessive of Rs 122 on the again of the information growth. At 11:30 am, the shares had been buying and selling at Rs 118.20, up 2.3 per cent, on the BSE.

“Aditya Birla Solar Life AMC Restricted (ABSLAMC), a fabric subsidiary of Aditya Birla Capital has filed a draft purple herring prospectus (‘DRHP’) dated April 19, 2021 with the Securities and Alternate Board of India for an preliminary public providing by means of a suggestion on the market,” Aditya Birla Capital mentioned in a regulatory submitting to the inventory exchanges.

The IPO will comprise an provide on the market of as much as 2.9 million shares held by the corporate in Aditya Birla Solar Life AMC and as much as 36 million shares held by Solar Life (India) AMC Investments in Aditya Birla Solar Life AMC, Aditya Birla Capital mentioned.

Aditya Birla Solar Life AMC is a three way partnership between the Aditya Birla Group and the Solar Life Monetary, Canada. Aditya Birla Capital holds 51 per cent in Aditya Birla Solar Life AMC and the remaining 49 per cent stake is held by Solar Life. Aditya Birla Capital is part of the Aditya Birla Group