Prudential to Sell 2% Stake in ICICI Prudential Asset Management Joint Venture
By Michael Hennessey
Prudential said it would sell up to a 2% stake in its joint venture ICICI Prudential Asset Management.
The insurance and investment company said Wednesday that it would start an open-market process to divest the stake in the joint venture with ICICI Bank. Shares in ICICI Prudential Asset Management, or IPAMC, closed in India at 3,212.60 Indian Rupees ($33.78), giving the company a market value of $16.99 billion.
The sale is to help IPAMC move toward meeting India's minimum public float requirement of 15% within five years of its initial public offering in Dec. 2025, Prudential said.
It added that the sale would be executed on Thursday. After the sale, Prudential will retain a 32.6% stake in the joint venture, and its governance rights will be unchanged.
Write to Michael Hennessey at michael.hennessey@wsj.com
(END) Dow Jones Newswires
August 26, 2026 07:05 ET (11:05 GMT)
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