Aditya Birla Capital Ltd on Wednesday announced that its board has given in-principle approval for 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 Sun Life Financial Inc of Canada. ABCL is the holding company for the financial services businesses of the Aditya Birla group. The company did not share any other details.

Aditya Birla Sun Life AMC has total domestic assets under management of over Rs 2,38,000 crore and over 70 lakh investor folios for the September quarter of 2020. It has a pan-India presence of more than 300 locations.

Sun Life has operations in various markets worldwide, including Canada, the US, the UK, Ireland, Hong Kong, the Philippines and Japan.

At present, HDFC AMC, UTI AMC, Nippon Life India AMC and Shriram AMC are listed on domestic bourses.

Nazara Tech

The IPO of gaming firm Nazara Technologies opened for subscription on Wednesday. The share float with a price band of Rs 1,100-1,101 a share will conclude on March 19. At the upper end of the band, the IPO is expected to fetch Rs 583 crore. On Tuesday, the company said it has mopped up a little over Rs 261 crore from anchor investors.

The firm’s IPO decided to allocate 23,73,395 shares to 43 anchor investors at Rs 1,101 per share.