British insurer Prudential Plc plans to sell up to a 2% stake in ICICI Prudential Asset Management Company through the open market to help meet minimum public shareholding requirements, the companies said on Wednesday.
The sale will value the stake at around Rs 31.9 billion ($333.3 million) as of last close.
Under Indian regulations, large companies that list with less than 15% public shareholding have five years to raise their public float to at least 15%, and 10 years to reach 25%.
The proposed sale would reduce the shareholding of ICICI Prudential AMC's promoters — or controlling shareholders — to 85.6%.
Currently, the controlling shareholders hold a stake of 87.6%, with Prudential AMC holding a 34.6% share in the company.
"The sale is intended to support ICICI Prudential AMC as it progresses towards meeting India's minimum public float requirement of 15% within five years of its initial public offering on December 19, 2025," Prudential said in a statement.