London-based Prudential Plc plans to sell up to 2% stake in ICICI Prudential Asset Management Co. through an open-market sale on 27 August, helping the Indian fund manager meet minimum public-shareholding requirements, the companies said on Wednesday.
Prudential subsidiary, Prudential Corp. Holdings Ltd, will sell up to 9.89 million shares, worth about ₹3,190 crore ($333.3 million), in the transaction, further reducing its stake in ICICI Prudential Asset Management, as per a filing shared with the exchanges.
The promoters, ICICI Bank and Prudential Corp., collectively hold about 87.6% stake in the company as of the end of June. ICICI Bank holds a 53% majority stake, while Prudential Corporation holds 34.59%.
Prudential is pricing the deal in the range of ₹2,998-3,158 per share, representing a 2-7% discount to ICICI Prudential AMC’s Wednesday closing price of ₹3,222.80 on the National Stock Exchange of India, according to the terms of the deal reviewed by Mint.
ICICI Securities Ltd and other institutions are serving as placement agents.
Prudential Corp. has agreed to a 60-day lock-in period post the stake sale.
“Upon completion of the abovementioned sale, the aggregate shareholding of the promoters and promoter group in the Company would be reduced from 87.60% to 85.60% of the total issued and paid-up equity share capital of the Company,” said the exchange filing.
The asset manager was required to meet the minimum public float requirement of 15% within five years of its initial public offering (IPO) on 19 December, 2025.
Prudential had sold 4.5% of the fund manager in a pre-IPO private placement for more than ₹4,800 crore and subsequently sold shares in the IPO priced at ₹2,165 apiece.
The December IPO was entirely an offer for sale by Prudential and raised about ₹10,603 crore. ICICI Prudential AMC was valued at about ₹1.07 trillion when it listed, with Prudential retaining an approximately 35% stake.
The latest sale will reduce Prudential’s holding while increasing the portion of shares available to public investors. Prudential had previously disclosed plans to divest part of its holding as part of the listing process, which included a 2% stake sale to co-promoter ICICI Bank ahead of the IPO. Prior to that, ICICI Bank had a 51% shareholding in the asset management company, whereas Prudential Corp. held 49% stake.
Shifting ties
Prudential’s paring of its stake in the AMC business comes amid shifting relationships between the two partners in their life insurance joint venture. In July 2026, ICICI Prudential Life Insurance approved the reclassification of Prudential Plc from a promoter to an investor, as the latter prepares to form a new insurance venture with the Sunil Mittal-led Bharti group, in which it will hold a majority 75% stake.
As of 30 June, Prudential held 21.89% stake in the insurer, whereas ICICI Bank held 50.84%. Regulations require the foreign promoter to reduce its stake in the company to below 10% and cease to be a promoter before it can proceed with its venture with the Bharti group and become the promoter of another life insurance company in the country.
Agnidev Bhattacharya contributed to this story.