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ICICI Prudential Life Insurance Co has signed an agreement to purchase compulsorily convertible preference shares of SV Creditline Ltd at ₹63 a share. The purchase will lead to a holding of 7.60 per cent of the total share capital of SV Creditline, according to an exchange filing by the life insurer, which did not disclose the total deal size.
SV Creditline provides microfinance loans and had a turnover of ₹181 crore in 2016-17. Shares of ICICI Prudential Life were largely unchanged at 382.90 on the NSE against the previous day’s close of ₹381.60.
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