India-based ICICI Bank Ltd. will off-load up to a 2% stake in its life insurance joint venture, ICICI Prudential Life Insurance Co. Ltd.
The bank's board approved the sale of up to 28,711,100 shares in the insurer in one or more tranches, according to a Form 6-K filed June 13. The bank may off-load the shares via an offer for sale by promoters through stock exchange mechanism, among others.
In September 2017, Bloomberg News cited sources as saying that ICICI Bank and U.K.-based joint venture partner Prudential PLC were considering lowering their stakes in ICICI Prudential Life to help the company meet minimum public float requirement. The Indian lender at that time held a 54.9% stake in the venture, while Prudential owned 25.8%.