ICICI Prudential Asset Management Company Limited has successfully completed its postal ballot process, announcing the results to BSE Limited and National Stock Exchange of India Limited on April 6, 2026. The company submitted the scrutinizer's report and voting results following the conclusion of the e-voting period on April 4, 2026.

Postal Ballot Overview

The postal ballot process was conducted in accordance with Regulation 44 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. All four resolutions specified in the postal ballot notice dated February 25, 2026 were passed with the requisite majority.

Resolution Results

The company's shareholders approved all four resolutions through electronic voting. The voting results demonstrate strong support from both promoter and public categories across all proposals.

Resolution 1: Independent Director Re-appointment

The re-appointment of Mr. Antony Jacob (DIN: 00210724) as Independent Director for a second term received overwhelming approval.

Resolution 2: Executive Director Re-appointment

Mr. Sankaran Naren (DIN: 07498176) was re-appointed as Executive Director with strong shareholder support.

Resolution 3: Employee Stock Option Scheme Amendment

The ratification and amendment of ICICI Prudential Asset Management Company Limited - Employees Stock Option Scheme 2025 was approved.

Resolution 4: New Employee Stock Unit Scheme

The approval of ICICI Prudential Asset Management Company Limited - Employees Stock Unit Scheme 2026 received majority support, though with relatively higher opposition from public categories.

Compliance and Process

The postal ballot was conducted in compliance with Section 110 and Section 108 of the Companies Act, 2013, along with applicable rules and SEBI regulations. The company engaged National Securities Depository Limited (NSDL) to provide remote e-voting facilities. Alwyn D'Souza of Alwyn D'Souza & Co., Company Secretaries, served as the appointed scrutinizer for the voting process.

The e-voting period commenced at 9:00 AM IST on March 6, 2026 and concluded at 5:00 PM IST on April 4, 2026. The postal ballot notice was dispatched electronically to members on March 4, 2026, with advertisements published in Financial Express and Jansatta newspapers on March 6, 2026.

ICICI Prudential Asset Management has received positive analyst coverage from Bernstein, which initiated an Outperform rating on the asset management company with a target price of Rs 3,500.

Key Investment Strengths

Bernstein's bullish stance is anchored on several fundamental strengths that position the company favorably in the competitive asset management landscape:

The brokerage firm particularly emphasized the company's strong fund performance as a cornerstone of its investment thesis. This performance track record has translated into rising asset flows, indicating growing investor confidence and market share expansion.

Operational Excellence and Valuation Support

Bernstein noted that ICICI Prudential Asset Management's tight commission control demonstrates operational discipline and cost management effectiveness. This operational excellence supports the company's premium valuation in the market, reflecting its quality positioning among peers.

The research highlighted the strength of the company's alternatives business as another significant value driver. This diversified revenue stream provides additional growth opportunities beyond traditional mutual fund offerings.

Risk Factors and Mitigation

Despite the positive outlook, Bernstein identified specific risk factors that investors should consider:

• Key-man risk: Dependency on Chief Investment Officer leadership
• Succession concerns: Potential challenges in leadership transition
• Talent continuity: Reliance on key personnel for performance consistency

However, the brokerage noted that these concerns are partially offset by the company's demonstrated ability to develop talent internally. This internal talent grooming approach provides some continuity assurance and reduces external dependency for critical roles.

Market Positioning

The Outperform rating reflects Bernstein's confidence in ICICI Prudential Asset Management's ability to maintain its competitive position while delivering superior returns to shareholders. The Rs 3,500 target price suggests significant upside potential from current levels, supported by the company's operational strengths and market positioning.