Prudential to sell 2% stake in ICICI Prudential AMC worth about $333 million (updated)
UPDATE 1-Prudential to sell 2% stake in ICICI Prudential AMC worth about $333 million Adds details throughout
BENGALURU, Aug 26 (Reuters) - British insurer Prudential Plc PRU.L plans to sell up to a 2% stake in ICICI Prudential Asset Management Company IICL.NS through the open market to help meet minimum public shareholding requirements, the companies said on Wednesday.
The sale will value the stake at around 31.9 billion rupees ($333.3 million) as of last close.
Under Indian regulations, large companies that list with less than 15% public shareholding have five years to raise their public float to at least 15%, and 10 years to reach 25%.
The proposed sale would reduce the shareholding of ICICI Prudential AMC's promoters — or controlling shareholders — to 85.6%.
Currently, the controlling shareholders hold a stake of 87.6%, with Prudential AMC holding a 34.6% share in the company.
"The sale is intended to support ICICI Prudential AMC as it progresses towards meeting India's minimum public float requirement of 15% within five years of its initial public offering on December 19, 2025," Prudential said in a statement.
($1 = 95.4125 Indian rupees)
(Reporting by Nishit Navin; Editing by Janane Venkatraman)