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ICICI Bank to sell 2% stake in life insurance arm

Press Trust of India  |  New Delhi 

today said it will offload 2 per cent stake in its arm ICICI Prudential Life in one or more tranches.

Based on insurer's stock closing price of Rs 410.25 on BSE today, the stake sale is estimated to fetch the Rs 1,178 crore.

"The Board of Directors of the today approved the sale of up to 2,87,11,100 shares, representing up to 2 per cent of the issued and the paid-up equity share capital of Company in one or more tranches," said in a BSE filing.

The bank said the stake sale can be through any manner including 'offer for sale by promoters through stock exchange mechanism' (OFS).

The company is a joint venture between and the US-based

While ICICI Bank held 54.88 per cent stake in the JV, Prudential's stake was at 25.83 per cent as on March 31, 2018, data on BSE showed. Rest of the equity is held by public and institutional investors.

ICICI Prudential Life came up with its initial public offer (IPO) in September 2016.

Stock of ICICI Bank closed at Rs 290.65 on BSE, up 1.18 per cent. ICICI Prudential Life ended 2.77 per cent down at Rs 410.25.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 13 2018. 17:55 IST