The Reserve Bank of India (RBI) has accorded its approval to ICICI Bank for purchase of additional shareholding of up to 2 per cent in its subsidiary, ICICI Prudential Asset Management Company.
This is to maintain its majority shareholding, subject to compliance with applicable regulations, ICICI Bank said in a regulatory filing on Friday.
In a July 8th regulatory filing, the consideration for the purchase of equity shares from Prudential Corporation Holdings Ltd (PCHL) will be cash, with the pricing to be decided at a subsequent time.
ICICI Bank had entered into an inter-se agreement with PCHL on July 8th stating its intention to purchase up to 2 per cent of fully diluted pre-IPO share capital of ICICI Prudential AMC from PCHL, prior to the consummation of the IPO.
ICICI Prudential AMC had filed a Draft Red Herring Prospectus (DRHP) on July 8, 2025 with Securities and Exchange Board of India, BSE and NSE for an initial public offering (IPO) comprising an offer for sale (OFS) of equity shares held by PCHL in the Company, representing up to 10 per cent of the equity share capital of the Company.
The Bank holds 51.0 per cent of equity share capital of ICICI Prudential AMC. Subsequent to the proposed transaction there will not be any change in classification of the Company (that it will continue to be a subsidiary of the Bank).
Published on September 12, 2025