Aditya Birla Capital on Wednesday said its board has given in-principle approval to explore an initial public offering (IPO) of its arm Aditya Birla Sun Life AMC.
Aditya Birla Sun Life AMC Ltd, the investment manager of Aditya Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and the Sun Life Financial Inc. of Canada.
"The board of directors of Aditya Birla Capital has provided its in-principle approval to explore an initial public offering of Aditya Birla Sun Life AMC, a material subsidiary of the company subject to market conditions, receipt of applicable approvals and other considerations," Aditya Birla Capital said in a regulatory filing.
The company did not share any other details.
As per Aditya Birla Sun Life AMC, it has a total domestic assets under management (AUM) of over to Rs 2,38,000 crore for the quarter ended September 30, 2020.