ICICI Bank's board has approved acquiring an additional 2% stake in its asset management subsidiary, ICICI Prudential Asset Management Company, to maintain majority control. The purchase aims to preserve the bank's controlling interest amid potential stock-based compensation grants by the company.
Currently, ICICI Bank holds 51% stake in the asset management firm, while UK-based Prudential PLC owns the remaining 49%. The bank previously announced its intention to retain majority holding despite its joint venture partner's plans for listing and partial divestment.
ICICI Prudential Asset Management Company reported strong financial performance with net profit rising to Rs 1,815 crore in FY24 from Rs 1,508 crore in FY23.
Additionally, the board approved amendments to the ICICI Bank ADR Deposit Agreement to grant voting rights to American Depository Shares holders, subject to RBI approval and Banking Regulation Act compliance.
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