Prudential trims ICICI asset manager stake to meet float rules
Prudential will return the net proceeds to shareholders through a buyback.
Prudential plc’s selldown in ICICI Prudential Asset Management reads as a public-float compliance move rather than an exit, after it today completed an open-market sale of a 2.0% stake for proceeds equivalent to $300m.
After completion, Prudential Corporation Holdings retained a 32.6% stake in ICICI Prudential Asset Management, supporting the view that the disposal was about minimum public shareholding requirements rather than a strategic exit.
Prudential also said the net proceeds would be returned to shareholders via a share buyback. Returning the sale proceeds in that form makes the disposal an immediate capital return rather than retained balance-sheet liquidity.
Sources: prudentialplc.com
