In a filing to the exchanges on Monday, Prudential said it will sell stake in ICICI Prudential Life Insurance, a joint venture insurance company with ICICI Bank, via on offer for sale that will remain open for two days i.e. March 26 and March 27.
To mop up a minimum of Rs. 1,598 crore, a company for the offer for sale has set a floor price of Rs. 300.
"Prudential Corp. Holdings Ltd (the seller) of ICICI Prudential Life Insurance Co. Ltd (the "Company") has submitted to BSE a copy of Notice of Offer for sale up to an aggregate of 37.33 million equity shares (representing 2.6% of the equity share capital of the company) with an option to additionally sell up to 15.93 million equity shares (representing 1.11% of the equity share capital)," the exchange filing said.
After the stake sale, promoter shareholding in the insurance company will be reduced to 75% i.e. to comply with the SEBI's minimum public shareholding in listed companies.
On Monday, ICICI Prudential shares fell 2.33% to ₹322 apiece on the BSE while the benchmark Sensex shed 0.93% to end the day at 37,808.91 points.