London-based Prudential Plc plans to sell up to a 2% stake in ICICI Prudential Asset Management Company through an open-market sale on August 27, according to livemint.com. The sale involves up to 9.89 million shares valued at approximately ₹3,190 crore ($333.3 million), further reducing Prudential's holding in the Indian fund manager.
The transaction will be conducted by Prudential’s subsidiary, Prudential Corp. Holdings Ltd, as disclosed in a filing with Indian exchanges. The sale aims to help ICICI Prudential AMC meet the minimum public shareholding requirements mandated by regulators. Prudential has agreed to a 60-day lock-in period following the stake sale, the companies confirmed.
This stake sale is part of a broader trend among foreign investors adjusting their holdings in Indian asset management firms amid evolving regulatory frameworks. ICICI Prudential AMC, backed by ICICI Bank and Prudential Corp., is one of the leading fund managers in India. The deal underscores ongoing efforts to comply with public float norms, which are critical for maintaining market liquidity and investor confidence.
The open-market sale is scheduled for August 27, with Prudential set to reduce its stake by up to 2%. The move follows regulatory requirements for minimum public shareholding, ensuring ICICI Prudential AMC remains compliant with Indian market rules, as per the filing shared with exchanges.