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Our Bureau Prudential Corporation Holdings plans to sell as much as 3.71 per cent of its equity holding in private sector ICICI Prudential Life Insurance through an offer-for-sale. The OFS issue will open on Tuesday.
According to a regulatory filing by the private sector insurer, Prudential Corporation will sell 2.6 per cent of its stake in the company with an option to sell an additional 1.11 per cent stake.
Prudential Corporation Holdings is an indirect wholly-owned subsidiary of financial services major Prudential plc.
The two-day OFS will open for non-retail investors and retail investors on Tuesday and Wednesday, respectively.
The floor price has been set at ₹300 apiece — an over 7 per cent discount to Monday’s closing price on the BSE. At this price, the transaction will fetch close to ₹1,600 crore.
As on December 31, 2018, Prudential Corporation Holdings owned 25.82 per cent equity in the private sector insurer.
ICICI Pru Life began operations in 2001. The insurer has posted a decline in net profit in the last two quarters. For quarter ended December 31, 2018, its net profit fell 34.35 per cent to ₹296.77 crore, compared to ₹452.1 crore in the third quarter of last fiscal.
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