New Delhi, June 27 -- ICICI Bank on Friday announced that its board has approved raising an additional 2% stake in its asset management arm ICICI Prudential Asset Management Company. ICICI Bank share price was trading over a percent higher today. The banking stock gained as much as 1.06% to Rs.1,454.60 apiece on the BSE.

The board of directors of the bank approved purchase of up to 2% additional shareholding in the ICICI Prudential Asset Management Company, ICICI Bank said in a regulatory filing on June 27.

This stake purchase in ICICI Prudential Asset Management Company will primarily be towards maintaining the bank's majority shareholding in the event of grant of stock-based compensation by the company, it said.

This will be subject ...