Financial Daily from THE HINDU group of publications
Wednesday, Mar 17, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 17, 2004 |
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Money & Banking
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Life Insurance ICICI PruLife hikes capital Our Bureau
Mumbai , March 16 ICICI Prudential Life Insurance Company has hiked up its capital base by Rs 50 crore to Rs 675 crore. The additional capital will be used to meet capital adequacy norms as stipulated by regulator to fund the high upfront expenses and for expansion, said a press release. This is the ninth equity hike since the company was incorporated in December 2000. The authorised capital of the company now stands at Rs 1,200 crore. As on December 2003, the company crossed the Rs 1,000-crore total premium mark and has sold over 5,50,000 policies with a sum assured exceeding Rs 13,000 crore.
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