ICICI Bank to Retain Majority Stake in ICICI Prudential Mutual Fund

New Delhi, Feb 12 (PTI) ICICI Bank on Wednesday said the bank intends to retain majority holding in ICICI Prudential Asset Management Company even though its joint venture partner plans listing and partial divestment of its stake in the fund house.

ICICI Bank holds 51 per cent stake in ICICI Prudential Asset Management Company while remaining 49 per cent is with its joint venture partner UK-based Prudential PLC.

"We take note of the announcement made today by our joint venture partner Prudential PLC with respect to a potential listing of and partial divestment of its stake in ICICI Prudential Asset Management Company, subject to market conditions, requisite approvals and other considerations," ICICI Bank said in a regulatory filing.

The bank intends to retain its majority shareholding in ICICI Prudential Asset Management Company ensuring long-term commitment, it said.

Prudential plc announced that it is evaluating a potential listing of ICICI Prudential Asset Management Company Ltd involving the partial divestment of its shares.

It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders, Prudential plc said in an announcement.

"We will continue to explore opportunities to grow our businesses in the market," it said.

ICICI Prudential Asset Management Company Ltd recorded a net profit of Rs 1,815 crore in FY24 as compared to Rs 1,508 crore in FY23.

In a separate announcement, ICICI Bank announced the adoption of technology to produce drinking water from atmospheric moisture as part of its commitment to enhancing the sustainability of its operations.

The bank has installed units to produce 8,000 litres of potable water a day from atmospheric moisture, benefitting 4,200 employees at five offices -- one each in Bengaluru, Hyderabad, and Mumbai -- and two in Chennai, ICICI Bank said in a separate statement.

The units -- known as Atmospheric Water Generators (AWGs) -- utilise innovative technology to convert atmospheric moisture into 100 per cent microbe-free, fresh and clean drinking water, it said.

The process of condensation transforms water vapour into droplets, which then undergo multiple filtration processes. Essential minerals are added at the end of the process, it said.