 "Chanda Kochhar")
ICICI Prudential Life will hit the capital markets with its initial public offer (IPO) during the current financial year, ICICI Bank’s Managing Director and Chief Executive Chanda Kochhar said on Monday.
“It will be our endeavour to launch the IPO during this financial year itself depending on the approval by the regulator and market conditions. The board cleared the IPO plan in April 2016,” Kochhar told PTI on the sidelines of the 22nd annual general meeting of the lender here.
Refusing to share the size of the IPO, she said the intent is to come out with a primary issue this financial year. It will be the first IPO from a life insurance company in the country.
ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential Corporation Holdings. The company began operations in 2000.On fund raising plans for the bank, she said it plans to raise Rs 25,000 crore through non-convertible securities, including bonds and non-convertible debentures, in one or more tranches.
The shareholders also approved the debt raising plan.
