ICICI Prudential AMC to Acquire PMS Business from ICICI Securities

ICICI Prudential Asset Management Company Ltd announced its Board of Directors has approved the acquisition of the Portfolio Management Services (PMS) business from ICICI Securities Limited. The acquisition will be conducted via a slump sale as a going concern. This strategic move aims to broaden ICICI Prudential AMC's existing PMS offerings. The transaction is considered a related party transaction, conducted at arm's length, as ICICI Securities is a wholly-owned subsidiary of ICICI Bank, the promoter of ICICI Prudential AMC. The acquisition is subject to necessary regulatory approvals and is expected to be completed within a year. The consideration will be a cash payment based on a fair value determined by an independent valuer, set at 1.20% of the actual Assets Under Management (AUM) transferred.