ICICI Prudential AMC shares decline 7% in two days as promoter plans 2% stake sale
ICICI Prudential AMC promoter Prudential Corporation plans to sell up to 2% stake, worth over Rs 3,185 crore, to meet minimum public shareholding requirements. The sale will reduce promoter holding to 85.6%. Shares of ICICI Prudential AMC have gained over 22% in 2026, while Q1 net profit rose 23% year-on-year to Rs 965 crore.
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.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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