ICICI Bank has approved plans to raise its stake in ICICI Prudential Asset Management Company by up to 2 per cent, as part of efforts to retain majority control ahead of a potential dilution due to stock-based compensation at the fund house.In a regulatory filing on Friday, the bank said its board has cleared the proposal to purchase up to 2 per cent additional shareholding in the asset management firm, PTI reported. “This purchase will primarily be towards maintaining the bank’s majority shareholding in the event of grant of stock-based compensation by the company,” it said.The move will be subject to requisite regulatory approvals, the bank added.ICICI Bank currently holds a 51 per cent stake in the AMC, while the remaining 49 per cent is owned by its joint venture partner, UK-based Prudential PLC. In February this year, the bank had disclosed its intention to retain majority control in the AMC even as Prudential moves ahead with a planned listing and partial stake sale in the fund house.ICICI Prudential AMC posted a net profit of Rs 1,815 crore in FY24, up from Rs 1,508 crore in the previous year.In another key decision, the ICICI Bank board also approved an amendment to the bank’s ADR Deposit Agreement to grant voting rights on deposited securities to registered American Depository Shares (ADS) holders, subject to RBI approval.“The voting rights by the registered ADS holder would be subject to it demonstrating that its holdings are in conformity with Section 12B of the Banking Regulation Act, 1949 read with applicable Master Direction & Guidelines, as amended from time to time,” the filing said.