ICICI Bank’s share price will be closely watched on Thursday as its joint venture partner Prudential plc considers listing ICICI Prudential Asset Management by partially divesting its shareholdingÂ
“Prudential plc announced today that it is evaluating a potential listing of ICICI Prudential Asset Management Company Limited, which includes a partial divestment of its shares, subject to market conditions, necessary approvals, and other factors.” It is anticipated that the net proceeds of such a divestiture be repaid to shareholders,” the British insurer stated in a February 12 press statement. Prudential did not specify where it intends to float the firm, but it stated that any prospective offering would be subject to market circumstances and permissions.
“India is a strategically important market for Prudential, with promising growth prospects.” We will continue to look for ways to develop our businesses in the market,” it stated. Meanwhile, ICICI Bank has stated that it expects to keep a majority position in ICICI Prudential Asset Management Company, despite its joint venture partner’s ambitions to list and partially dispose of its investment in the fund house.
ICICI Bank owns 51% of ICICI Prudential Asset Management Company, with the remaining 49% held by 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 stated in a stock exchange statement.
ICICI Stock Price:
On Wednesday, the ICICI share price closed at ₹1,251.95 per share on the BSE, down 0.12%. Meanwhile, Prudential’s London-listed shares rose more than 8% after the firm revealed intentions to sell a portion of its 49% ownership in Indian asset management and distribute the money to investors.
