MUMBAI, May 9 (Reuters) - India's ICICI Venture Funds Management has approved transferring its private equity and real estate fund management businesses to ICICI Prudential Asset Management, their parent ICICI Bank said on Friday.
The move is aimed at consolidating investment offerings under ICICI Prudential AMC, so it can provide a full suite of asset classes, including private equity, the bank said in an exchange filing.
Following the transaction, ICICI Venture Funds will continue to provide certain advisory services and manage residual funds.
The cost of this transfer is not expected to be material relative to ICICI Prudential AMC's financial position, ICICI Bank said.
As of March 31, 2025, ICICI Bank held a 51% stake in ICICI Prudential AMC and a 100% stake in ICICI Venture Funds.
The deal is subject to regulatory and other approvals, as well as the execution of definitive agreements, the bank said.
Reporting by Siddhi Nayak; Editing by Savio D'Souza
Source: Reuters