ICICI Bank Boosts Stake in Asset Management Arm

ICICI Bank's board has approved a 2% increase in its stake in ICICI Prudential Asset Management Company to maintain its majority holding. This step aligns with the bank's strategy to safeguard its stake amid its partner's listing and partial divestment plans. Approvals are pending for this acquisition.

Devdiscourse News Desk | New Delhi | Updated: 27-06-2025 13:28 IST | Created: 27-06-2025 13:28 IST

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India

ICICI Bank has announced a strategic increase in its stake in ICICI Prudential Asset Management Company, aiming to consolidate its majority holding. The bank's board sanctioned the acquisition of an additional 2% stake, bringing its share to secure its standing amid changes involving stock-based compensation.

This move reflects ICICI Bank's proactive approach to stock market developments, especially in light of its joint venture partner's decision to list and partially divest its stake in the company. The bank's majority stake remains an essential pillar of its asset management sector strategy.

According to official statements, the stake increase is subject to necessary regulatory approvals. Meanwhile, ICICI Prudential Asset Management reported a significant rise in net profits, and ICICI Bank is set to amend its ADR Deposit Agreement to grant voting rights to registered ADS holders, contingent on meeting regulatory conditions.

(With inputs from agencies.)