ICICI Pru OFS oversubscribed by 3.96 times

ICICI Prudential Life Insurance company received a positive response from non-retail investors to the offer for sale (OFS) issue by promoters. The offer for sale was subscribed 3.96 times on Tuesday.

The stake sale by the promoters via the offer for sale is to comply with SEBI’s minimum shareholding norm, which requires the shareholding in any listed company to be a minimum of 25 per cent.

The offer for sale size was of 5,32,67,605 equity shares but the issue received bids for 21,12,42,912 equity shares. The clearing price for the non-retail bidding in the company was fixed at Rs. 321.30 per share.

On Wednesday, the issue was open to both retail and non-retail investors. The number of equity shares that were reserved for the retail investors were 53,26,761 shares, while the remaining shares were reserved for non-retail investors.

Promoter stake in ICICI Pru stood at 78.69 per cent as of December 2018, out of which 25.82 per cent is held by Prudential Corporation Holdings and the balance shares are held by ICICI Bank.

On Thursday, ICICI Pru was trading at Rs. 349.10 per share, down 2.25 per cent on the BSE.