Prudential Closes Private Placement of ICICI Prudential Asset Management Shares

MT Newswires Live12-11

Prudential (PUK) said Thursday it completed a pre-IPO private placement, selling a 4.5% equity stake in ICICI Prudential Asset Management.

The deal involved the sale of about 12.4 million shares to various investors and 9.9 million shares to ICICI Bank at 2,165 Indian rupees ($23.97) per share, generating more than 48 billion rupees in gross proceeds.

The company said ICICI Prudential has set the price band for the proposed IPO at 2,061 rupees to 2,165 rupees per share. The IPO will be carried out via a book-building process that will run from Friday through Tuesday.

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