Prudential Corp. Holdings Ltd. is looking to divest up to 3.71% of its shareholding in India-based ICICI Prudential Life Insurance Co. Ltd. to raise about 16 billion rupees, according to a Press Trust of India report carried by The Financial Express.

Prudential Corp., which operates as a unit of the U.K.'s Prudential PLC, plans to sell up to an aggregate of 37,330,397 equity shares, which equates to a 2.6% shareholding, with an option to additionally sell up to 15,937,208 equity shares, representing a 1.11% stake.

The offer was made to nonretail investors March 26 and will close the same day. It will be made available to retail investors March 27.

ICICI Bank Ltd. has a 52.87% stake in ICICI Prudential Life, while Prudential Corp. has a 25.82% stake.

As of March 25, US$1 was equivalent to 68.90 Indian rupees.