Aditya Birla Sun Life AMC Raises Rs 788.95 Cr From Anchor Investors

Aditya Birla Sun Life AMC has successfully closed its anchor allocation on Tuesday, September 28. The anchor book got oversubscribed by three times and the demand among the investors seems strong, said people close to the development.

The company has raised Rs 788.95 crore via 50 anchor investors, a day prior to the IPO bidding process. The company has allocated 11,080,800 equity shares to anchor investors at a price band of Rs 712/share, the company said.

Out of the total allocation of 11,080,800 equity shares to the anchor investors, 53,36,380 equity shares (i.e. 48.16 per cent of the total anchor allocation) were allocated to eight domestic mutual funds through a total of 31 schemes, the company added in the exchange filing.

International Monetary Fund, HSBC, Abu Dhabi Investment Authority, Morgan Stanley Asia, and BNP Paribas were among the top investors in the anchor book. Abu Dhabi Investment Authority secured the largest portion among other foreign names in the book. The authority was allocated 912,920 equity shares or 8.24 per cent of the total anchor book.

Among the domestic investors, SBI MF, ICICI Prudential, HDFC MF, Axis Bank, SBI Life Insurance Company, UTI MF, Tata AIG General Insurance, IIFL Special Opportunities Fund, Kotak Mutual Fund, Abakkus Growth Fund, Reliance General Insurance, and Max Life Insurance participated in the company's share sale via anchor book.

Aditya Birla Sun Life AMC IPO will open for public on Wednesday, September 29 and the issue will close on October 1. The price band of the issue is fixed at Rs 695-712 per equity share. The company aims to raise upto Rs 2,768 crore via the public offering of equity share. However, the issue is a complete offer for sale by the promoters Aditya Birla Capital and Sun Life AMC.