ICICI Prudential AMC to Acquire PMS Business from ICICI Securities

ICICI Prudential Asset Management Company Ltd announced today that 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, including associated assets and liabilities. This strategic move aims to broaden the company's existing PMS offerings. The transaction is considered a related party transaction, 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, calculated as 1.20% of the actual AUM transferred.