Prudential Plc offloads 2 per cent stake in ICICI Prudential AMC for Rs 3,030 crore

Representational Image. File pic.

Hong Kong-based Prudential plc on Thursday completed the sale of a 2 per cent stake in ICICI Prudential Asset Management Company (AMC) for Rs 3,030 crore through an open market transaction.

Prudential, through its subsidiary Prudential Corporation Holdings Ltd, sold 98,85,169 shares, representing a 1.99 per cent stake in Mumbai-based ICICI Prudential AMC, according to bulk deal data on the BSE.

The shares were disposed of at an average price of Rs 3,065.47 apiece, taking the transaction value to Rs 3,030.27 crore.
After the latest transaction, Prudential Corporation Holdings will retain a 32.6 per cent stake in ICICI Prudential Asset Management Company Ltd.

The combined holding of promoters and promoter group entities in ICICI Prudential AMC declined to 85.61 per cent from 87.60 per cent.

Details of the buyers of ICICI AMC's shares could not be identified on the BSE.

ICICI Prudential AMC's shares declined 4.06 per cent to close at Rs 3,092.65 apiece on the NSE.

In a statement, Prudential said that Prudential Corporation Holdings has successfully executed the sale of a 2 per cent stake in ICICI Prudential AMC via an open market sale process.

The proceeds from the sale are the equivalent of USD 300 million. The net proceeds are to be returned to Prudential shareholders in the form of a share buyback, the company said.

In a regulatory filing, Prudential said the stake sale is intended to support ICICI Prudential AMC as it progresses towards meeting the country's minimum public float requirement of 15 per cent within five years of its public issue on December 19, 2025.

Prudential provides life and health insurance and asset management in Greater China, ASEAN, India and Africa.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.