ICICI Bank gains after life insurance arm files DRHP with Sebi for IPO

ICICI Bank rose 0.64% to Rs 266.90 at 14:30 IST on BSE after its subsidiary company, ICICI Prudential Life Insurance Company, filed a draft red herring prospectus with market regulator for an initial public offer.

The announcement was made during market hours today, 18 July 2016.

Meanwhile, the S&P BSE Sensex was up 64.12 points or 0.23% at 27,900.62.

On BSE, so far 6.31 lakh shares were traded in the ICICI Bank counter as against average daily volume of 13.21 lakh shares in the past one quarter. The stock hit a high of Rs 271.25 and a low of Rs 264.50 so far during the day. The stock had hit a 52-week high of Rs 321 on 17 July 2015. The stock had hit a 52-week low of Rs 180.80 on 26 February 2016. The stock had outperformed the market over the past one month till 15 July 2016, rising 6.78% compared with 4.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 10.04% as against Sensex's 8.62% rise.

The large-cap private sector bank has equity capital of Rs 1163.38 crore. Face value per share is Rs 2.

ICICI Bank announced that its subsidiary company, ICICI Prudential Life Insurance Company, has filed a draft red herring prospectus with the Securities and Exchange Board of India for a public offer of up to 18.13 crore equity shares of ICICI Prudential Life Insurance Company, representing approximately 12.65% of its equity share capital, for cash, through an offer for sale by ICICI Bank. The offer includes a proposed reservation of up to 1.81 crore equity shares or 10% of the offer for individual and Hindu Undivided Family (HUF) shareholders of ICICI Bank.

ICICI Prudential Life Insurance is a joint venture of ICICI Bank and Prudential Corp. Holdings. The company began operations in 2000. As per the shareholding pattern as of 31 March, ICICI Bank reportedly held 67.6% stake in the life insurance firm, while its foreign partner Prudential held 25.9%

ICICI Bank's net profit declined 76% to Rs 701.89 crore on 14.5% growth in total income to Rs 18590.86 crore in Q4 March 2016 over Q4 March 2015.

ICICI Bank is one of the leading private sector banks in India.

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