Prudential plc has completed the sale of an additional 2% stake in ICICI Prudential Asset Management Company Limited (IPAMC) for INR 3,065 per share, generating proceeds of approximately $300 million.
The disposal, executed via a book-building process led by ICICI Securities Limited and BofA Securities India Limited, reduces Prudential's remaining stake in IPAMC to 32.59%. Prudential Corporation Holdings Limited, a wholly-owned indirect subsidiary of Prudential, sold 9,885,169 shares on Indian stock exchanges.
The disposal price represented a 4.9% discount to IPAMC’s closing price on the preceding trading day and a 4.7% premium to the volume-weighted average trading price since its December 19, 2025 initial public offering. The transaction generated an estimated gain of approximately $300 million for the Prudential group after accounting for transaction expenses and applicable taxes.
Proceeds from the sale will be returned to shareholders through share buybacks, aligning with the company’s capital management strategy. The disposal follows earlier sell-downs during IPAMC’s IPO and pre-IPO placements, which reduced Prudential’s stake from 49% to 34.59%.
ICICI Prudential AMC, India’s second-largest asset manager by quarterly average assets under management as of September 30, 2025, reported a profit after tax of INR 32,982.6 million for the financial year ended March 31, 2026. The sale was conducted to assist IPAMC in meeting India’s minimum public float requirements, which mandate a 15% public float within five years of listing.
