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Aditya Birla Capital plans to spin off its mutual fund business into a separate entity and list it on the stock exchange soon.
The Board of Directors has provided 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, said Aditya Birla Capital in a statement on Wednesday.
The sharp run-up in equity market and subsequent jump in asset under management of mutual funds has made many fund houses consider listing on the exchange for better valuation.
Aditya Birla Sun Life AMC opens 2 index funds, ICICI Prudential AMC launches FoF
Aditya Birla Mutual Fund had an average AUM of ₹2.55 lakh crore in the quarter ended December.
Earlier, State Bank of India has also expressed interest in listing its mutual fund subsidiary on the exchange. However, SBI Mutual fund, the country’s largest fund house, is a joint venture between SBI and Amundi, a European asset management company.
Currently, HDFC Asset Management Company and Nippon India Mutual Fund are the two listed fund houses.
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