ICICI Prudential Mutual Fund is top public shareholder in ICICI Securities

ICICI Prudential AMC applied for ICICI Securities' shares through at least four of its schemes, for three of these, the investment is less than 1 per cent of their total corpus

ICICI Prudential Mutual Fund (MF) has emerged as the largest public shareholder in sister concern, ICICI Securities, which debuted earlier this month.

The country’s largest asset manager invested Rs 6 billion, nearly a fifth of the issue size, in the group company’s initial public offering (IPO), which had garnered 78 per cent subscription. Through the maiden offer, parent ICICI Bank was looking to divest a 24 per cent stake for Rs 40 billion. However, the private lender could divest only a 20.8 per cent stake due to lack of demand and raised Rs35 billion.

According to shareholding data of ICICI Securities, ICICI Prudential