ICICI Prudential AMC’s Draft Red Herring Prospectus reveals that veteran fund manager Sankaran Naren earned Rs 5.9 crore in FY25. This includes his fixed salary, bonus, perquisites, and deferred bonuses from earlier years.
Naren, who was reappointed as Executive Director and Chief Investment Officer for a two-year term starting July 1, 2024, is entitled to a basic salary of Rs 1.4 crore, fixed pay of Rs 3.5 crore, and a target bonus of Rs 2.8 crore for FY25. However, the reported Rs 5.9 crore figure also includes deferred bonuses accrued in FY21–FY23 but paid in FY25, the DRHP stated.
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He is also eligible for ESOPs of ICICI Bank, the AMC’s parent, as per norms applicable to group executives. The actual ESOP grant for FY25 is not disclosed, as it remains subject to ICICI Bank board approval.
In addition, a deferred compensation of Rs 1.4 crore for FY25 has been accrued and will be paid at a later date.
Also read: Merchant bankers are gearing up for a ‘beauty parade’ in anticipation of NSE’s IPO
Naren has more than 28 years of experience in the financial services industry, including inter alia, investment banking, fund management, equity research, and stock broking operations. He is presently a member of the committee on equity matters at AMFI.
ICICI Prudential Asset Management Company, India’s second-largest asset manager by assets under management, filed draft papers with SEBI on July 8 for an initial public offering that could raise up to Rs 10,000 crore.
The offer will be a pure offer-for-sale (OFS) of 1.76 crore shares by UK-based Prudential Corporation Holdings, the joint venture partner. Since there is no fresh issue component, the proceeds will go entirely to the selling shareholder, with ICICI Prudential AMC not receiving any funds from the listing.
Set up in 1998, ICICI Prudential AMC is a joint venture between ICICI Bank and Prudential Corporation Holdings. ICICI Bank holds a 51 percent stake in the fund house, while the remaining 49 percent is owned by Prudential.
For its IPO, ICICI Prudential Asset Management Company has appointed a record 18 merchant bankers — the highest for any Indian public issue in recent times — setting a new benchmark in India’s primary market.
While the Rs 10,000-crore issue’s size and brand prestige drew strong interest from merchant bankers, the company also wanted to accommodate as many as possible due to long-standing relationships, industry Moneycontrol earlier reported. However, this expansion comes at no additional cost: under the issue structure, only four bankers will earn fees, but all 18 get league table credit — a valuable currency in the investment banking world.
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