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Prudential To Pare Its Stake In ICICI Prudential Via OFS


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.

Prudential To Pare Its Stake In ICICI Prudential Via OFS

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.

Read more about: icici prudential ofs
Story first published: Tuesday, March 26, 2019, 12:27 [IST]
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