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Private sector ICICI Bank on Friday said its board has approved additional 2 per cent increase stake in its asset management arm ICICI Prudential Asset Management Company.
Photograph: Francis Mascarenhas/Reuters
The board of the bank on Friday approved purchase of up to 2 per cent additional shareholding in the ICICI Prudential Asset Management Company, ICICI Bank said in a regulatory filing.
This purchase will primarily be towards maintaining the bank’s majority shareholding in the event of grant of stock-based compensation by the company, it said.
This will be subject to receipt of requisite approvals, it added.
The bank in February had announced its intension to retain majority holding in ICICI Prudential Asset Management Company even though its joint venture partner plans listing and partial divestment of its stake in the fund house.
ICICI Bank holds 51 per cent stake in ICICI Prudential Asset Management Company while the remaining 49 per cent is with its joint venture partner UK-based Prudential PLC.
ICICI Prudential Asset Management Company Ltd recorded a net profit of Rs 1,815 crore in FY24 as compared to Rs 1,508 crore in FY23.
The board also approved amendment to the ICICI Bank ADR Deposit Agreement, subject to approval of the RBI, to grant voting rights pertaining to the deposited securities to the registered american depository shares (ADS) holders.
“The voting rights by the registered ADS holder would be subject to it demonstrating that its holdings are in conformity with Section 12B of the Banking Regulation Act, 1949 read with applicable Master Direction & Guidelines, as amended from time to time,” it said.
