New Delhi: ICICI Bank on Friday said its board has approved additional 2 per cent increase stake in its asset management arm ICICI Prudential Asset Management Company.
The board of the bank on Friday approved purchase of up to 2 per cent additional shareholding in the ICICI Prudential Asset Management Company, ICICI Bank said in a regulatory filing. This purchase will primarily be towards maintaining the bank’s majority shareholding in the event of grant of stock-based compensation by the company, it said.
This will be subject to receipt of requisite approvals, it added.
The bank in February had announced its intension to retain majority holding in ICICI Prudential Asset Management Company even though its joint venture partner plans listing and partial divestment of its stake in the fund house.
ICICI Bank holds 51 per cent stake in ICICI Prudential Asset Management Company while the remaining 49 per cent is with its joint venture partner UK-based Prudential PLC.