India

Sun Life confirms Draft Prospectus Filing for India Joint Venture IPO

Sun Life Financial has confirmed today the filing of a draft red herring prospectus with the regulatory authorities in India in respect of the proposed initial public offering by its India joint venture, Aditya Birla Sun Life AMC Limited (ABSLAMC).

This filing was completed following approval of ABSLAMC and relevant approvals from Sun Life (India) AMC Investments Inc. (Sun Life AMC) and Aditya Birla Capital Limited (ABCL), Sun Life said in a press release.

ABSLAMC is India's fourth largest asset management company by assets under management (AUM) with 49% owned indirectly by Sun Life through Sun Life AMC and 51% owned by ABCL. As part of the IPO, Sun Life AMC has agreed to sell up to 36,029,120 shares in ABSLAMC, representing approximately 12.5% of the paid up capital in ABSLAMC. Combined with ABCL's sale of shares, the IPO is expected to result in a 13.5% public float for ABSLAMC.

Sun Life has operated in India since 1999 through joint ventures with the Aditya Birla Group that includes asset management, life insurance and pension management.

The IPO will be subject to supportive market conditions, as well as corporate, regulatory and other approvals, as applicable or required.

The draft red herring prospectus that has been filed by ABSLAMC with the regulatory authorities in India will be publicly available in accordance with Indian regulations, reports Sun Life. The ABSLAMC securities have not been registered under the US Securities Act of 1933, as amended, or applicable state securities laws, or qualified for distribution under applicable Canadian securities laws, and may not be offered or sold in the United States or Canada absent registration or an exemption from such registration or prospectus requirements.