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ICICI Prudential OFS subscribed 3.9 times; investors bid for 210 mn shares

Till December, ICICI Prudential had 21.31 per cent public shareholding

Sundar Sethuraman 

Stock markets. Photo: iStock

The offer for sale of saw subscription of 3.9 times. Investors bid for 210 million shares against 53.26 million shares on offer.

The sale of equity by the Prudential Corporation Holdings, a joint venture partner in Life Insurance, will fetch the company Rs 1,683 crore. The shares were sold at Rs 316 apiece, at a 1.25 per cent discount to ICICI Pru’s closing price of Rs 320.15 on Tuesday.

This stake sale has been made to reach the minimum threshold of the public shareholding of 25 per cent in the first three years of listing by any listed company.

According to Securities and Exchange Board of India’s regulations, all listed firms must achieve minimum public shareholding of 25per cent within three years of listing.

Till December, ICICI Pru had 21.31 per cent public shareholding. With the stake sale of 3.7 per cent by Prudential Corporation Holdings, ICICI Pru has now achieved the minimum threshold of 25 per cent public shareholding.

First Published: Wed, March 27 2019. 00:29 IST