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ICICI Bank to sell part of stake in ICICI Prudential

ICICI Bank is selling up to 2% stake in its life insurance arm, ICICI Prudential Life Insurance Company. The bank said its board of directors has approved the sale of up to 28,711,100 shares, representing up to 2% of the issued and the paid-up equity share capital of ICICI Prudential Life Insurance Company in one or more tranches. ICICI Prudential Life Insurance is a joint venture between ICICI Bank and the US-based Prudential Corporation Holdings. ICICI Bank holds 54.88% stake in the JV, while Prudential had 25.83%.

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