ICICI Bank's board has approved acquiring an additional 2% stake in its asset management subsidiary, ICICI Prudential Asset Management Company, to maintain majority control. The purchase aims to preserve the bank's controlling interest amid potential stock-based compensation grants by the company.
Currently, ICICI Bank holds 51% stake in the asset management firm, while UK-based Prudential PLC owns the remaining 49%. The bank previously announced its intention to retain majority holding despite its joint venture partner's plans for listing and partial divestment.
ICICI Prudential Asset Management Company reported strong financial performance with net profit rising to Rs 1,815 crore in FY24 from Rs 1,508 crore in FY23.
Additionally, the board approved amendments to the ICICI Bank ADR Deposit Agreement to grant voting rights to American Depository Shares holders, subject to RBI approval and Banking Regulation Act compliance.
Post a comment
The silent force reshaping America's economy isn't American at all!
Forbes 2025 list shows India contributing highest number of immigrant billionaires, overtaking Israel as leading...
Big signal for India's economy: Trade gap narrows sharply in...
Monthly trade gap shrinks as imports decline while exports remain flat, beating economist expectations of...
A 13% jump, $18.5B valuation! Here's what's really driving IPL's...
IPL's business valuation hits $18.5 billion with record viewership and strong franchise revenues driving growth.
This AI startup is transforming pet healthcare in India!
Chennai-based MimiBowBow blends AI diagnostics and smart IoT tools to enable pet health scans, feeders,...
