UK-based insurer and investment firm Prudential Corporation Holdings Ltd (PCHL) is looking to sell up to 3.7% of its stake in its Indian joint venture ICICI Prudential Life Insurance Company through an offer for sale, it said in a stock-exchange disclosure.
The OFS is brokered by ICICI Securities, Citigroup Global Markets and Goldman Sachs.
The floor price, which is fixed at Rs 300, would fetch close to Rs 1,598 crore to Prudential in the sale, which is scheduled for Tuesday and Wednesday.
The company scrip was trading at Rs 319.95, down 0.74% during the day on a positive Mumbai market.
The development comes weeks after British insurer and asset manager Standard Life Aberdeen reduced its stake in its in joint venture HDFC Life Insurance Company Ltd through an OFS route.
In September 2016, ICICI Prudential Life listed on the bourses, marking the first insurance initial public offering. At that time, Prudential held about 25.84% stake in the company and did not sell its stake in the IPO.
As of 31 December 2018, ICICI Prudential Life’s total premium witnessed a growth of 13.2% to Rs 20,766 crore. Its profit after tax for the period was Rs 879 crore as compared to Rs 1,279 crore for the nine months ended 31 December 2017.