 "ICICI Prudential Life extends fall on promoter stake sale plan")
ICICI Prudential Life Insurance Company dipped 3% to Rs 397 in early morning trade, extending its previous day’s 3% fall on the BSE after the promoter ICICI Bank proposed to sale up to 2% stake of the company through offer for sale (OFS) route, which begins today.
ICICI Prudential Life, which was trading at its lowest level since April 24, 2018, has fallen 13% from its recent high of Rs 455 on May 11, 2018. On comparison, the S&P BSE Sensex was up marginally by 0.03% during the period.
The offer-for-sale by ICICI Bank opens on Thursday (for non-retail investors) and on Friday (for retail investors). ICICI Bank plans to sell 14.35 million shares (representing 1% of ICICI Prudential Life) with an option to sell an additional 1%. It has fixed the floor price at Rs 390.
“The Board of ICICI Bank on 13 June 2018 approved the sale of up to 28.71 million equity shares, representing up to 2% of the issued and the paid-up equity share capital of ICICI Prudential Life Insurance Company in one or more tranches, in any manner permissible under applicable law, including through an 'offer for sale by promoters through stock exchange mechanism' ('OFS'), as may be permitted and in the manner specified by the Indian regulatory authorities,” ICICI Bank said in a regulatory filing.
As of March 31, 2018, ICICI Bank (54.88%) along with Prudential Corporation Holdings (25.83%) collectively holds 80.71% stake in ICICI Prudential Life.
At 10:23 am; ICICI Prudential Life was trading 1.7% lower at Rs 403, as compared to 0.6% decline in the S&P BSE Sensex. ICICI Bank too was trading at day’s low level at Rs 287, down 1% on the BSE.
ICICI Prudential Life, which was trading at its lowest level since April 24, 2018, has fallen 13% from its recent high of Rs 455 on May 11, 2018. On comparison, the S&P BSE Sensex was up marginally by 0.03% during the period.
The offer-for-sale by ICICI Bank opens on Thursday (for non-retail investors) and on Friday (for retail investors). ICICI Bank plans to sell 14.35 million shares (representing 1% of ICICI Prudential Life) with an option to sell an additional 1%. It has fixed the floor price at Rs 390.
“The Board of ICICI Bank on 13 June 2018 approved the sale of up to 28.71 million equity shares, representing up to 2% of the issued and the paid-up equity share capital of ICICI Prudential Life Insurance Company in one or more tranches, in any manner permissible under applicable law, including through an 'offer for sale by promoters through stock exchange mechanism' ('OFS'), as may be permitted and in the manner specified by the Indian regulatory authorities,” ICICI Bank said in a regulatory filing.
As of March 31, 2018, ICICI Bank (54.88%) along with Prudential Corporation Holdings (25.83%) collectively holds 80.71% stake in ICICI Prudential Life.
At 10:23 am; ICICI Prudential Life was trading 1.7% lower at Rs 403, as compared to 0.6% decline in the S&P BSE Sensex. ICICI Bank too was trading at day’s low level at Rs 287, down 1% on the BSE.
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