ICICI Bank Strengthens Stake in Key Subsidiaries Ahead of IPO

ICICI Bank is increasing its stake in its listed entities and the IPO-bound ICICI Prudential Asset Management Company. Executive Director Sandeep Batra confirmed plans to maintain over 51% ownership. The company also aims to launch a specialized investment fund and is acquiring ICICI Venture's businesses.

ICICI Bank, the nation's second-largest private lender, has revealed its strategy to uphold a majority stake in all its listed subsidiaries. Aiming for over 51% control, Executive Director Sandeep Batra emphasized the bank's commitment at a recent press conference.

Ahead of the public offering, the bank plans to bolster its stake in ICICI Prudential Asset Management Company by 2%, elevating its holding to 53% post-IPO. Meanwhile, Prudential's stake will decrease from 49% to 37%, complying with Sebi's directive to trim its holding further over the next five years.

Despite high regulatory risks, Managing Director Nimesh Shah remains optimistic, viewing it as an opportunity rather than a threat. As ICICI Prudential AMC readies for new ventures and acquisitions, it strengthens its market positioning, already leading with a 20% profit share in the asset management sector.

(With inputs from agencies.)