Prudential to sell up to 2% in ICICI Pru AMC
Mumbai, Aug. 27 -- London-based Prudential Plc plans to sell up to 2% stake in ICICI Prudential Asset Management Co. through an open-market sale on August 27, helping the Indian fund manager meet minimum public-shareholding requirements, the companies said on Wednesday.
Prudential subsidiary, Prudential Corp. Holdings Ltd, will sell up to 9.89 million shares, worth about Rs.3,190 crore ($333.3 million), in the transaction, further reducing its stake in ICICI Prudential Asset Management, as per a filing shared with the exchanges.
The promoters, ICICI Bank and Prudential Corp., collectively hold about 87.6% stake in the company as of the end of June. ICICI Bank holds a 53% majority stake, while Prudential Corporation holds 34.59%.
Prudential is pricing the deal in the range of Rs.2,998-3,158 per share, representing a 2-7% discount to ICICI Prudential AMC's Wednesday closing price of Rs.3,222.80 on the National Stock Exchange of India....
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