Financial Daily from THE HINDU group of publications
Thursday, Feb 10, 2005
Financial Daily from THE HINDU group of publications Thursday, Feb 10, 2005 |
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Money & Banking
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Life Insurance ICICI Prudential to hike capital by Rs 100 crore Our Bureau
Mumbai , Feb. 9 ICICI Prudential Life Insurance Company has increased its capital base by Rs 100 crore, taking its total paid-up equity capital to Rs 925 crore. This is the eleventh equity hike since the company was incorporated in December 2000. The two partners, ICICI Bank and Prudential, have been issued 10 crore equity shares of Rs 10 each, in their existing proportions of 74:26 respectively. The authorised capital of the company stands at Rs 1,200 crore. "The past year has been our most successful yet, with the company growing at three-digit rates despite its huge base of over one million policies," a press release said. The company grew nearly 127 per cent in April-December 2004 over the same period last year. The additional capital will be used to meet capital adequacy norms as stipulated by the regulator, and will fund the high up-front expenses typical to a life insurance business, and expansion plans such as opening new branches, the release said.
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