trending Market Intelligence /marketintelligence/en/news-insights/trending/hdyltjk3nrx6wgjhsntbma2 content esgSubNav
In This List

ICICI Bank to lower stake in ICICI Prudential Life

Blog

Banking Essentials Newsletter: 7th February Edition

Blog

Insurance Underwriting Transformed How Insurers Can Harness Probability of Default Models for Smarter Credit Decisions

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)


ICICI Bank to lower stake in ICICI Prudential Life

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%.