UK-based insurance company Prudential Plc on Wednesday announced that it is evaluating a potential listing of ICICI Prudential Asset Management Company Limited involving the partial divestment of its shares. ICICI Bank informed that following the completion of such a divestment, the net proceeds would be returned to shareholders.
In a regulatory filing, ICICI Bank shared the press release issued by Prudential plc, that said, “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. We will provide a further update at an appropriate time.”
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“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 further added.
The banking major further maintained that it has taken note of the announcement made by Prudential plc and said that it intends to retain its majority shareholding in ICICI Prudential Asset Management Company, ensuring the Bank’s long-term commitment.
As of September 2024, ICICI Prudential AMC had assets under management of Rs 8,67,000 crore.
Besides ICICI Bank, the other listed entities from the ICICI group are ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company and ICICI Securities.
Shares of ICICI Bank were down by 0.12 per cent at 6:10 pm to a trading price of Rs 1,251.95.
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