ICICI Bank Ltd. on Wednesday, July 9, said it will purchase additional shareholding in its subsidiary ICICI Prudential Asset Management Company (AMC), prior to the latter’s initial public offering (IPO).ICICI Prudential Asset Management Company, on Tuesday, July 8, filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) and the two stock exchanges for an IPO comprising an offer for sale (OFS) of 10% equity held by Prudential Corporation Holdings Ltd. (PCHL) in the company.
Prior to this, ICICI Bank also entered into an inter-se agreement with PCHL to purchase up to 2% of the fully-diluted pre-IPO share capital of ICICI Prudential AMC from PCHL. This will be subject to finalisation of both parties and the requisite corporate and statutory approvals required.
The IPO and the amount of the OFS too is subject to market conditions, requisite approvals and other considerations, the exchange filing stated.ICICI Bank holds 51% stake in ICICI Prudential AMC, while Prudential Corporation Holdings Ltd. (PHCL) holds 49% stake. The purchase will primarily be towards maintaining the bank’s majority shareholding in the event of grant of stock-based compensation by ICICI Prudential AMC, the lender said in an exchange filing. The same will be via cash consideration by purchase of equity shares from PCHL.

ICICI Prudential AMC held total assets of ₹4,384 crore, as of March 31, 2025. It reported a turnover of ₹4,980 crore in the financial year 2025 and a profit after tax of ₹2,651 crore. It reported a turnover of ₹3,761 crore in FY24 and ₹2,838 crore in FY23.

Shares of ICICI Bank Ltd. ended the previous session 0.51% up at ₹1,443 apiece. The stock has gained 12.4% this year, so far.

Also Read: Stocks To Buy: Four AMC stocks can deliver up to 21% returns, Antique says

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ICICI Bank says will purchase additional stake in subsidiary prior to its IPO

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