FINWIRES · TerminalLIVE
FINWIRES

Prudential to Sell 2% Stake in ICICI Prudential Asset Management

By

Prudential (HKG:2378) subsidiary Prudential Corporation will sell a 2% stake in ICICI Prudential Asset Management (NSE:ICICIAMC, BOM:544658) to support India's minimum public float requirement, according to a Wednesday filing with the Hong Kong bourse.

The 2% stake equates to 9,885,169 equity shares in ICICI Prudential Asset Management, according to a separate Indian bourse filing by the latter.

Financial terms of the deal were not disclosed by either company, but based on the closing price of 3,291.8 rupees on Tuesday, the day before the announcements, the sale could fetch 32.5 billion Indian rupees.

Prudential said the sale is aimed at supporting India's minimum public float requirement of 15% within five years of a company's IPO.

The deal is slated to be executed on Thursday, after which Prudential will retain a 32.6% stake in ICICI Prudential Asset Management.

Related Articles

Asia

S&P Global Ratings Upgrades AMP's Issuer Credit Rating to 'BBB+', Outlook Stable

AMP (ASX:AMP) said S&P Global Ratings upgraded its issuer credit rating on AMP "BBB+" from "BBB" and affirmed the outlook at stable, according to a Wednesday Australian bourse filing.The issuer credit rating on AMP Bank was affirmed at "BBB+" and the outlook was changed to negative from stable.Its shares fell 1% in recent trading on Wednesday.

ASX:AMP
Asia

Sandfire Resources Completes Near-Mine Exploration at Prospects Near Spain Mines; Shares Reach All-Time Peak

Sandfire Resources (ASX:SFR) said it completed 46 near-mine exploration drill holes at Masa 2 West and Masa Olivo prospects at the Magdalena mine in Spain for 27,972 meters, as well as four drill holes at the La Juliana prospect near the Aguas Teñidas mine in Spain for 2,596 meters, according to a Wednesday Australian bourse filing.It hit intercepts of 14.4 meters at 0.4% grade of copper, 15% grade of zinc, 4.4% grade of lead, 0.6 grams per tonne (g/t) grade of gold, and 158.1 g/t grade of silver from 307 meters, 5.5 meters at 3.1% grade of copper, 0.1% grade of zinc, 0.1% grade of lead, 0.9 g/t grade of gold, and 7.2 g/t grade of silver from 524 meters, as well as 8.6 meters 1.3% grade of copper, 0.1% grade of zinc, 0.1% grade of lead, 1.3 g/t grade of gold, and 5.8 g/t grade of silver from 556.2 meters, per the filing.The company said it also completed seven near-mine exploration drill holes at A1 for about 2,045 meters and three drill holes at A4 West for 2,296 meters.The mining company's shares rose 7% in recent trading on Wednesday and earlier reached their all-time peak.

ASX:SFR
Asia

Lakala Payment Terminates Plans For Hong Kong IPO

Lakala Payment (SHE:300773) has decided to terminate its proposed secondary listing on the main board of the Hong Kong Exchange, according to a Wednesday filing with the Shenzhen bourse.The digital payment service provider initially approved the overseas listing plans in August and September 2025.However, due to changes in the market environment and adjustments to its plans, the board voted at a meeting on Tuesday to scrap the plan.

SHE:300773