ICICI Bank share price in focus as Prudential considers listing of ICICI Prudential Mutual Fund | Stock Market News
Source: Live Mint
ICICI Bank share price will be in focus on Thursday after its joint venture partner Prudential plc is considering listing of ICICI Prudential Asset Management by partial divestment of its stake in the company.
“Prudential plc announced today that it is evaluating a potential listing of ICICI Prudential Asset Management Company Limited involving the partial divestment of its shares, subject to market conditions, requisite approvals and other considerations. It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders,” the British insurer said in a release on February 12.
Prudential did not disclose where it plans to list the company, but any potential listing would be subject to market conditions and approvals, it said.
“India is a strategically important market for Prudential with compelling growth prospects. We will continue to explore opportunities to grow our businesses in the market,” it said.
Meanwhile, ICICI Bank said it intends to retain majority holding in ICICI Prudential Asset Management Company even though its joint venture partner plans listing and partial divestment of its stake in the fund house.
ICICI Bank holds 51% stake in ICICI Prudential Asset Management Company while remaining 49% is with its joint venture partner UK-based Prudential PLC.
“We intend to retain our majority shareholding in ICICI Prudential Asset Management Company, ensuring our long-term commitment,” ICICI Bank said in a stock exchange filing.
ICICI Prudential Asset Management offers a range of mutual fund products in India. The fund house recorded a net profit of ₹1,815 crore in FY24 as compared to ₹1,508 crore in FY23.
ICICI Stock Price
ICICI share price ended 0.12% lower at ₹1,251.95 apiece on the BSE, on Wednesday. Meanwhile, Prudential’s London-listed shares jumped more than 8% as the company announced plans to divest some of its 49% stake in the Indian asset manager and return the proceeds to shareholders.
