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Prudential sells 4.5% stake in ICICI Prudential Asset Management for $545-M

Economic Times   Prudential Plc   ICICI Prudential Asset Management  

British insurer Prudential Plc has sold a 4.5% stake in ICICI Prudential Asset Management , an Indian fund manager, for approximately USD 545 million (INR 4,924.02 crore), ahead of the target company's initial public offering (IPO).The buyers included Abu Dhabi Investment Authority, the family offices of Azim Premji and Rakesh Jhunjhunwala, and Indian insurers such as SBI Life, HDFC Life, and Go Digit General Insurance. ICICI Bank also acquired shares valued at INR 2,140core.ICICI Prudential Asset Management operates as a joint venture, with ICICI Bank holding a 51% stake and Prudential owning the remainder. In the upcoming USD 1.2 billion IPO, ICICI Prudential Asset Management will not issue new shares; instead, Prudential will sell an additional 10% stake.Prudential intends to return the proceeds from both this private placement and the IPO to its shareholders, subject to regulatory and shareholder approvals.