ICICI Bank Board Clears Plan To Raise Stake In ICICI Prudential AMC

ICICI Bank Ltd. said its board has approved acquiring up to 2% additional stake in ICICI Prudential Asset Management Co. Ltd. to maintain its majority shareholding, especially in light of potential stock-based compensation by the AMC.

The move is aimed at preserving control as Prudential PLC, the joint venture partner, is evaluating a possible partial divestment via public listing of ICICI Prudential AMC, as disclosed in a February 12 filing.

As of March 31, ICICI Bank held 51% in the AMC, while Prudential Corp. Holdings Ltd. held 49%. ICICI Bank said it remains committed to retaining its majority stake in the asset management business over the long term.