ICICI Bank shares fell on Tuesday after the lender announced the purchase of an additional 2 percent stake in ICICI Prudential Asset Management Company (ICICI AMC) for Rs 2,140 crore, ahead of the asset manager’s upcoming Rs 10,600 crore IPO later this week.
The stock was trading at Rs 1,382.30, down 0.53 percent in the early morning session. ICICI Bank shares have gained 8.1 percent so far this year, with a current market capitalisation of nearly Rs 9.9 lakh crore.
The bank said on Monday that it had signed a share purchase agreement with Prudential Corporation Holdings Ltd (PCHL) to acquire the stake at arm’s length valuation, based on a fair value determined by an independent valuer. The acquisition, to be completed on or before December 10, follows multiple disclosures earlier this year and approval from shareholders at the bank’s 31st annual general meeting on August 30.
ICICI Bank said the transaction is aimed at maintaining its majority shareholding in ICICI AMC in the event of stock-based compensation being granted by the asset manager. The Reserve Bank of India, through a letter dated September 12, granted approval for the lender to increase its stake by up to 2 percent, subject to regulatory compliance.
ICICI AMC -- India’s second-largest mutual fund house -- reported assets of Rs 4,827 crore as of September 30, 2025, along with turnover of Rs 2,949 crore and net profit of Rs 1,618 crore for H1FY26. The AMC, incorporated in 1993, manages mutual fund assets and also provides portfolio management, investment management for AIFs, and advisory services in international markets.
The announcement comes just ahead of ICICI Prudential AMC’s IPO, which opens for subscription on December 12. The issue, structured as a 100 percent offer for sale by Prudential, will not involve any fresh capital raising by the company. The AMC’s management has also indicated that a further 2 percent stake transfer by Prudential is imminent.
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