Corrected: BUZZ-India's ICICI Prudential AMC falls on Prudential's stake sale plan
CORRECTED-BUZZ-India's ICICI Prudential AMC falls on Prudential's stake sale plan Corrects bullet one to say stock down 5% to their lowest level since August 12, not February 27. Also removes incorrect reference from headline
** Shares of India's ICICI Prudential Asset Management Company IICL.NS fall as much as 5% to 3,060 rupees, their lowest since August 12
** Prudential Corporation Holdings plans to sell up to 2% stake in co in the open market on Thursday to help meet minimum public shareholding requirements
** Jefferies estimates that stake sale could be worth at least $300 million, potentially creating a sizeable near-term share supply
** Brokerage adds Prudential will retain a 32.6% stake after the sale, while governance rights will remain unchanged
** Sale would reduce combined stake of controlling shareholders to 85.6% from 87.6%, while ICICI Bank's ICBK.NS 53% stake unchanged - exchange filing
** YTD stock up 16.22%
(Reporting by Surbhi Misra in Bengaluru)
((Surbhi.Misra@thomsonreuters.com | X: https://twitter.com/SurbhiMisra_ |;))
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