The offer for sale of ICICI Prudential 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 ICICI Prudential 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.