UPDATE: Prudential inks sale of 2% stake in ICICI for USD300 million
Prudential PLC on Thursday announced the completion of its subsidiary's stake sale in Indian asset manager ICICI Prudential Asset Management Co Ltd via an open market sale process.
The London-based insurer focused on Asia said the final realised price for the sale was INR3,065 per share, around USD32.08. The resultant proceeds of the sale are worth the equivalent of USD300 million. Prudential reiterated that the net proceeds will be returned to shareholders via a share buyback.
The sale was via by Prudential's subsidiary Prudential Corporation Holdings Ltd.
On Wednesday, Prudential had announced the sale.
The sale, Prudential said Wednesday, is aimed at meeting India's requirement of a 15% minimum public float stake within five years of a company's initial public offering. ICICI Prudential Asset Management was listed on the National Stock Exchange of India and the Bombay Stock Exchange on December 19, 2025.
Prudential Corp Holdings retains a 32.6% stake in ICICI Prudential Asset Management, as well as unchanged governance rights.
Later on Wednesday, the firm had announced that it delivered a stronger performance in the first half of 2026.
Prudential had said new business profit rose 9.8% to USD1.38 billion in the first half of 2026, from USD1.26 billion a year ago.
Adjusted pretax operating profit jumped 10% to USD1.81 billion from USD1.64 billion a year prior, while adjusted operating profit after tax climbed 11% to USD1.52 billion from USD1.37 billion.
Basic earnings per share based on adjusted operating profit surged 18% to 58.4 US cents from 49.3 cents.
International financial reporting standard profit after tax fell 27% to USD995 million from USD1.36 billion, with basic EPS declining 23% to 37.9 cents from 49.2 cents.
The interim dividend was 8.88 cents per share, up 15% from 7.71 cents per share a year ago.
The firm is confident it will deliver double-digit growth in new business profit for full-year 2026 along with double-digit dividend per share growth.
Prudential shares were 1.6% lower at 1,023.00 pence each on Thursday morning in London. In Hong Kong, shares closed down 1.5% at HKD109.00.
Copyright 2026 Alliance News Ltd. All Rights Reserved.