We take note of the email from our subsidiary, ICICI Prudential Life Insurance Company Limited (ICICI Life) received by us yesterday at 10:41 p.m. with respect to a press release made by ....
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ICICI Bank disclosed that its subsidiary ICICI Prudential Life Insurance Company Limited received an intimation from joint venture partner Prudential Corporation Holdings Limited. Prudential is acquiring a 75% stake in Bharti Life Insurance Company for approximately Rs 3,500 crore (plus up to Rs 700 crore additional consideration). As part of regulatory approvals for this transaction, Prudential will be required to reduce its existing 21.91% stake in ICICI Prudential Life to under 10% and cease to be a promoter of the life insurance company. ICICI Bank has stated it intends to retain its majority shareholding in ICICI Prudential Life, signalling continued commitment to the business.
Prudential's forced exit as promoter from ICICI Prudential Life reduces cross-shareholding complexity and may bring in a new strategic or financial investor. ICICI Bank's majority control remains intact, providing stability to the subsidiary.