ICICI Bank-Backed Insurance Company To Acquire 75% Stake In Bharti Life
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Prudential Corporation Holdings, one of the promoters of ICICI Prudential Life Insurance, entered into agreements to acquire a 75% stake in Bharti Life Insurance
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Indian equity benchmark indices traded lower on Monday, with the benchmark Nifty 50 index declining 0.72 per cent to 23,474.25 during the session. Weak sentiment across financial stocks weighed on the broader markets. In this segment, shares of ICICI Prudential Life Insurance remained under pressure after disclosures related to its joint venture partner Prudential Plc’s proposed acquisition in India. On Monday, ICICI Prudential Life share price declined 6.31 per cent to Rs 501.80.
Prudential Plc To Acquire 75% Stake In Bharti Life
ICICI Prudential Life Insurance informed exchanges that Prudential Corporation Holdings Limited, one of its promoters, has entered into share purchase agreements to acquire a 75 per cent stake in Bharti Life Insurance.
According to the filing, Prudential entered into agreements with Bharti Life Ventures Private Limited and multiple funds of 360 One to acquire the stake in Bharti Life, subject to regulatory approvals and other conditions.
Impact On ICICI Prudential Life
The company stated that regulatory approvals for the proposed transaction may require Prudential to reduce its shareholding in ICICI Prudential Life Insurance to below 10 per cent and cease to be classified as a promoter of the company, in accordance with applicable laws.
As of now, Prudential Corporation Holdings Limited holds 21.91 per cent stake in ICICI Prudential Life Insurance.
The filing further stated that Prudential is engaging with relevant regulatory authorities and will seek an appropriate timeframe for any potential divestment in the interest of shareholders.
About ICICI Prudential Life Insurance
ICICI Prudential Life Insurance is one of India’s leading private life insurance companies offering protection, savings and investment-linked insurance products.
The company operates through a wide distribution network including bancassurance, agency, direct and digital channels, serving millions of policyholders across India.
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Disclaimer: This article is for informational purposes only and not investment advice.