Prudential evaluating listing of ICICI Prudential Asset Management, shares surge

(Sharecast News) - Prudential said on Wednesday that it was evaluating a potential listing of its Indian investment management joint venture ICICI Prudential Asset Management. This would involve the partial divestment of its shares, subject to market conditions, requisite approvals and other considerations.

Prudential said that following completion of the potential divestment, net proceeds would be returned to shareholders.

It said a further update will be provided "at an appropriate time".

Prudential noted that India is a strategically important market for the group, with "compelling" growth prospects.

"We will continue to explore opportunities to grow our businesses in the market," it added.

At 1500 GMT, the shares were up 7.1% at 730.80p.