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PRU Plans to Spin Off JV Asset Mgmt Company IPAMC for Listing in India
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PRU (02378.HK) announced that its Indian joint venture asset management company IPAMC plans to list in India and has submitted an IPO application to the Securities and Exchange Board of India (SEBI), BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). The IPO size will be subject to market conditions, regulatory approvals, and other factors. PRU's subsidiary PCHL will sell up to 9.91% of the equity share capital in IPAMC. PRU added that, apart from the potential IPO, it continues to consider a private sale of 2% of IPAMC to ICICI Bank Limited. It is also considering an additional pre-IPO placement to select institutional investors before the completion of the IPO. AASTOCKS Financial News Website: www.aastocks.com |
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