India's ICICI Prudential AMC falls on Prudential's stake sale
BUZZ-India's ICICI Prudential AMC falls on Prudential's stake sale Updates level, adds stake sale details in the third bullet
** 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 sells 2% stake in co on Thursday to help meet minimum public shareholding requirements
** Prudential sold shares at 3,065 rupees each, generating proceeds of 30 billion rupees ($314 million)
** Jefferies said stake sale could create 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, ICICI Pru AMC is up ~16%
($1 = 95.5450 Indian rupees)
(Reporting by Surbhi Misra and Nishit Navin in Bengaluru)
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