The insurer is a venture between banking major ICICI Bank and UK’s Prudential Corporation Holdings. ICICI Bank has around 68% stake in the insurer, while Prudential has 26%. The public offer comprises 181.34 million equity shares of ICICI Prudential Life, representing about 12.65% of its equity share capital for cash, through an offer for sale by ICICI Bank, as per the draft papers. Prudential will not dilute its stake in the IPO of ICICI Prudential Life, while ICICI Bank will be selling its 12.65% stake. Last November, ICICI Bank sold nearly 6% stake in ICICI Prudential to Temasek and PremjiInvest.

Source: Mint September 07, 2016 08:26 UTC