ICICI Bank’s JV partner Prudential Plc mulls listing ICICI Prudential AMC. Check details
ICICI Bank's JV partner, Prudential Plc, is looking into the process of listing its asset management arm, ICICI Prudential AMC, according to an exchange filling on Wednesday. Shares closed lower ahead of the announcement.
India's second-largest private bank, ICICI Bank Ltd, announced on Wednesday, February 12, that its UK-based joint venture partner, Prudential Plc, is evaluating the potential listing of the asset management arm, ICICI Prudential Asset Management Company Limited, as per the BSE filing.
According to the exchange filing, Prudential Plc will partially divest (sell off) its ICICI Prudential Asset Management shares, subject to the market conditions, approvals and considerations imposed.
The net proceeds raised from the selling off of the shares will be returned to the shareholders, as per the disclosure.
“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,” said the UK-based insurer in the statement.
ICICI Bank, on Wednesday, said that it will continue to hold the majority stake in the asset management company (AMC), noting Prudential's move.
“We intend to retain our majority shareholding in ICICI Prudential Asset Management Company, ensuring our long-term commitment,” said the bank in an official statement.
ICICI Bank Share Price
ICICI Bank shares closed 1.12 per cent lower at ₹1,251.95 after Wednesday's stock market session, compared to ₹1,253.40 at the previous market close. The potential public offering announcement was disclosed after market operating hours on February 12.
Shares of the institutional lender hit their 52-week high at ₹1,361.35 on September 20, 2024, while the 52-week low level was at ₹1,001 on February 13, 2024, according to data collected from the BSE website. ICICI Bank's market capitalisation was at ₹8.84 lakh crore as of Wednesday's trading close.
ICICI Bank shares have given stock market investors 129 per cent returns in the last five years and more than 25 per cent returns in the last one-year period. However, the stocks have lost 2.40 per cent on a year-to-date (YTD) basis in 2025.
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