Prudential Raises $300 Million From Indian JV Stake Sale
By Michael Hennessey
Prudential said it sold a 2% stake in its Indian joint venture ICICI Prudential Asset Management for $300 million.
The insurance and investment company said Thursday that it sold 9.9 million ICICI Prudential Asset Management shares at 3,065 Indian rupees ($32.14) each. This is a 4.9% discount to Wednesday's closing price of 3,222.80 rupees.
The net proceeds of the sale will be returned to shareholders via a share buyback, Prudential said.
On Wednesday, Prudential said it was selling the shares via an open-market process 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.
After the sale, Prudential retains 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 27, 2026 05:43 ET (09:43 GMT)
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