Prudential to sell 2% stake in ICICI Prudential AMC worth about $333 million
BENGALURU: British insurer Prudential Plc plans to sell up to a 2% stake in ICICI Prudential Asset Management Company through the open market to help meet minimum public shareholding requirements, the companies said on Wednesday. The sale will value the stake at around 31.9 billion rupees ($333.3 million) as of last close. Under Indian regulations, large companies that list with less than 15%…
The shares of ICICI Prudential Asset Management Company experienced a significant drop of 7% over two consecutive trading days as the promoter, Prudential Corporation Holdings, announced plans to sell up to 2% of its stake in the company. This 5% decline in the stock price brought it down to Rs 3,064 on the BSE. The stake sale is intended to comply with the requirements for minimum public shareholding.
The company's promoters, along with other owners, previously held an 87.60% stake, which would decrease to 85.60% after the sale. The proposed stake sale is expected to commence on August 27 and may be executed in a single or multiple tranches. ICICI Prudential AMC made its initial public offering in December last year, listing at a 20% premium over the IPO price, and has seen substantial growth since then, with a market capitalization of around Rs 1.6 lakh crore.
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- ICICI Prudential AMC shares decline 7% in two days as promoter plans 2% stake sale economictimes.indiatimes.com
