Aditya Birla Sun Life AMC Limited (NSEI:ABSLAMC) (AMC) on March 18, 2024 said its promoters will divest 11.47% stake (33 million shares) in the company through the offer-for-sale (OFS) route. The floor price for the OFS, which opens on March 19, 2024, has been set at INR 450 per share. This is a discount of 5% to the current market price.

At the floor price, promoter entity Aditya Birla Capital Limited (NSEI:ABCAPITAL) and Sun Life Financial Inc. (TSX:SLF) will be able to mop up a total of INR 14,850 million. In an exchange filing, the asset manager said the stake sale was being done to achieve the 25% minimum public shareholding requirement. The Aditya Birla Group, which holds 50% stake in the AMC, will offload 5%.

Sun Life, which has 36.48%, will sell the remaining 6.47% stake in the OFS. The base offer size is 20 million. In case of oversubscription, the promoters can sell an additional 12.9 million shares.

If the OFS is fully subscribed, the promoter shareholding will fall from 86.47% to 75%. The company has time until September 2024 to bring down the promoter holding to at least 75%.