Announcement as per Regulation 30 of the Listing Regulations
ICICIPRULI · price
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Prudential Corporation Holdings Limited, a promoter holding 21.91% stake in ICICI Prudential Life Insurance, has entered into share purchase agreements to acquire a 75% controlling stake in Bharti Life Insurance for an initial cash consideration of ₹3,500 crore (~$389 million), with potential additional consideration up to ₹700 crore. As part of regulatory approvals for this transaction, Prudential will be required to reduce its shareholding in ICICI Prudential Life Insurance to under 10% and cease to be a promoter of the company. Prudential currently holds 31,75,17,279 equity shares representing 21.91% of ICICI Prudential Life Insurance. The company clarified it is not a party to these agreements and is merely forwarding the intimation received from its promoter. Prudential is engaging with regulatory authorities regarding the required divestment timeframe.
This announcement signals a major change in ICICI Prudential Life Insurance's promoter group, with Prudential reducing its stake from 21.91% to under 10%. The exit of a prominent foreign promoter may create uncertainty among investors about the company's future strategic direction and shareholder composition, though the core insurance business operations remain unaffected.