ICICI Bank To Consolidate PE, VC, Real Estate Funds Under AMC Arm

ICICI Bank on Friday said the boards of its subsidiaries, ICICI Prudential Asset Management Co. Ltd. and ICICI Venture Funds Management Co. Ltd., have approved a proposal to transfer the private equity, venture capital, and real estate fund businesses to the asset management company.

ICICI Ventures will continue to manage certain residual funds and advisory activities, the bank said in an exchange filing.
As of March 31, ICICI Bank held 51% of ICICI Prudential AMC and full ownership of ICICI Ventures.

The bank said the cost of the transaction is not expected to be material to the asset management company’s financials. The business transfer is subject to regulatory approvals and execution of necessary agreements, it added. A timeline for the transaction was not disclosed.