ICICI Pru Life OFS subscribed 4.39 times on final day

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Mumbai | Published: March 28, 2019 5:40:39 AM

As on December, 2018 Prudential Corp holds a 25.82% stake in the company while ICICI Bank owns 52.87% and remaining 21.31% with others.

ICICI Pru Life, ICICI Prudential Life Insurance, offer for sale, ICICI Bank, market newsOn the first day of the OFS, the issue received bids for 21.1 crore shares of the 4.79 crore shares on offer to non-retail investors.

Shares of ICICI Prudential Life Insurance Insurance Company rallied 9.04% to end at Rs 349.10 on the BSE on Wednesday after the company’s offer for sale (OFS) saw a subscription of 4.39 times on the second day of the two-day bidding. Overall, the issue received bids for 23.36 crore shares of the 5.32 crore shares on offer to retail investors and non-retail investors.

On the first day of the OFS, the issue received bids for 21.1 crore shares of the 4.79 crore shares on offer to non-retail investors. The issue saw 4.4 times subscription from non-retail investors.

Earlier this week, ICICI Prudential Life had said its joint venture partner — Prudential — will sell up to 3.71% stake in the company. Floor price of the offer for sale (OFS) was priced at Rs 300 per share. ICICI Prudential Life Insurance Company is promoted by ICICI Bank and Prudential Corporation Holdings. Currently, ICICI Bank and Prudential Corporation together own a 78.69% stake in the company. Prudential Corporation’s shareholding in ICICI Prudential will come down to 22.11% after the OFS. As on December, 2018 Prudential Corp holds a 25.82% stake in the company while ICICI Bank owns 52.87% and remaining 21.31% with others.

According to the Sebi’s regulations, all listed firms must achieve a minimum public shareholding of 25% within three years of listing. After the OFS, total promoter shareholding is expected to fall below 75%.

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