ICICI Bank buys additional 2% stake in ICICI Prudential Life for ₹1,470 cr

The lender bought about 29 million shares through the stock exchange mechanism between July 22 and September 2, taking its holding in the life insurer to 52.8 per cent

ICICI Prudential Life Insurance on Wednesday said that ICICI Bank has acquired an additional 2 per cent stake in the insurer for Rs 1,470 crore through the stock exchange mechanism, according to an exchange filing. Post the acquisition, the lender's shareholding will be 52.8 per cent.

 

The development follows Prudential’s decision to acquire a 75 per cent stake in Bharti Life Insurance from Bharti Enterprises for Rs 3,500 crore, announced on May 17, 2026, subject to regulatory approvals. The transaction requires Prudential to reduce its stake in ICICI Prudential Life to below 10 per cent from its current holding of nearly 22 per cent.

 

 

According to the exchange filing, “The Bank has, through multiple tranches executed between July 22, 2026 and September 2, 2026, completed the purchase of 29,015,693 equity shares of face value of Rs 10/- each of ICICI Life, representing approximately 2.00 per cent of ICICI Life’s equity share capital at June 30, 2026, for an approximate consideration of Rs 14.70 billion, through the stock exchange mechanism. Following this, the Bank’s shareholding in ICICI Life stands at approximately 52.8 per cent.”

 

As of June 30, 2026, ICICI Bank held a 50.84 per cent stake in ICICI Prudential Life, while Prudential owned 21.89 per cent.

 

The shares of ICICI Prudential Life Insurance on Wednesday ended 0.85 per cent higher at Rs 499.50 on the BSE.