April 20, 2021 / 11: 45 AM IST
Aditya Birla Solar Existence AMC Restricted (ABSLAMC), a material subsidiary of Aditya Birla Capital, has filed a draft purple herring prospectus (DRHP) with the Securities and Alternate Board of India (SEBI) for an initial public supply by strategy of a proposal for sale of shares of ABSLAMC.
Aditya Birla Capital Restricted (ABCL) has authorised the sale of as a lot as 28,50,880 equity shares of face price of Rs 5 each held in ABSLAMC out of the complete paid-up share capital of 28,80,00,000 equity shares, the firm said in a free up.
Solar Existence (India) AMC Investments Inc, the joint project shareholder in ABSLAMC, authorised the sale of as a lot as three,60,29,120 equity shares of face price of Rs 5 each held in ABSLAMC thru the IPO.
The proposed sale of equity shares by ABCL and Solar Existence India within the IPO will together constitute as a lot as 13.50 p.c of the paid-up share capital of ABSLAMC.
Aditya Birla Solar Existence AMC Ltd, the investment manager of Aditya Birla Solar Existence Mutual Fund, is a joint project between the Aditya Birla Neighborhood and the Solar Existence Monetary Inc of Canada.
An Provide for sale (OFS) is a less complicated methodology of share sale thru the switch platform for promoters of publicly-traded companies to within the discount of their holdings and phrase the minimal public shareholding norms. The OFS mechanism is archaic handiest when existing shares are set on the block. Easiest promoters or shareholders conserving more than 10 p.c of the proportion capital in a firm can near up with such a pickle.
Within the outdated trading session, Aditya Birla Capital closed down 3.87 p.c or Rs 4.65 at Rs 115.45 on the BSE.