News: In an exchange filing, Aditya Birla Capital has informed that the board has approved sale of 11.47% stake in Aditya Birla Sun Life AMC. The issue includes sale of 2.01 crore shares (7% stake) and an additional over-subscription option to sell 1.28 crore shares (4.47%) stake. Floor price for the issue is determined at Rs 450 per share.
Views: Post completion of the stake sale, shareholding of the promoter will be reduced to 75%, which is in adherence to minimum public shareholding norms. Aditya Birla Capital is set to off-load 5% stake including over-subscription. Such stake sale could impart near term pressure on the stock, though fundamentals remains unchanged.
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