The Board of ICICI Bank Limited has approved the proposal to come out with Initial Public Offering (IPO) for ICICI Prudential Life Insurance. By listing, ICICI Bank will sell part of its stake in ICICI Prudential Life Insurance Company Limited to the public.
The quantum of stake dilution was not disclosed, however the company stated that they will continue to remain majority shareholders in the joint venture even after the dilution.
Ms. Chanda Kochhar, Managing Director at ICICI Bank said, “Almost everybody in the sector will be looking at raising capital through IPOs. Insurance as a business that needs large sums of capital and getting listed will definitely help the companies with capital raising”
