ICICI Bank’s JV partner Prudential Plc mulls listing ICICI Prudential AMC. Check details | Stock Market News
Source: Live Mint
India’s second-largest private bank, ICICI Bank Ltd, announced on Wednesday, February 12, that its UK-based joint venture partner, Prudential Plc, is evaluating the potential listing of the asset management arm, ICICI Prudential Asset Management Company Limited, as per the BSE filing.
According to the exchange filing, Prudential Plc will partially divest (sell off) its ICICI Prudential Asset Management shares, subject to the market conditions, approvals and considerations imposed.
The net proceeds raised from the selling off of the shares will be returned to the shareholders, as per the disclosure.
“It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders. We will provide a further update at an appropriate time,” said the UK-based insurer in the statement.
ICICI Bank, on Wednesday, said that it will continue to hold the majority stake in the asset management company (AMC), noting Prudential’s move.
“We intend to retain our majority shareholding in ICICI Prudential Asset Management Company, ensuring our long-term commitment,” said the bank in an official statement.
