ICICI Prudential AMC: Promoter Prudential to sell 2% stake; stock slips

UK-based Prudential Corporation Holdings Ltd, a promoter of ICICI Prudential Asset Management Company Ltd, will offload a stake in the asset manager through the open market on Thursday (August 27), according to a company disclosure.

Prudential will sell up to 98.85 lakh shares, representing 2 per cent of ICICI Prudential AMC's paid-up equity capital. The sale may be carried out in one or more tranches during the trading session.

If the entire stake is sold, the combined shareholding of ICICI Prudential AMC's promoters and promoter group will drop to 85.60 per cent from 87.60 per cent.

The company said the stake sale is being undertaken to facilitate compliance with minimum public shareholding requirements.

No floor price or expected proceeds from the sale were disclosed.

ICICI Bank Ltd, the other promoter of ICICI Prudential AMC, has undertaken not to purchase shares of the asset manager from the open market on August 27.

Prudential Corporation Holdings and other entities forming part of its promoter group will also not buy shares during the session.

In addition, connected persons of Prudential plc, the ultimate holding company of Prudential Corporation Holdings, will not participate in the purchase of shares on the day.

Shares of ICICI Prudential AMC fell 1.90 per cent to close at Rs 3,223.60 on Wednesday.