Reported about 14 hours ago
Prudential Plc has engaged Citigroup Inc. to assist with a potential $1 billion initial public offering for its Indian unit, ICICI Prudential Asset Management Co. Preparations are in early stages, and while other banks may join the process, details remain private. Prudential aims to partially divest its holding in this asset management business, with plans to return proceeds to shareholders. Following the announcement, Prudential's shares reached a seven-month high.
Source: YAHOO