ICICI Prudential Shares Falls 1% On Promoter’s Stake Sale Plans

ICICI Prudential Life Insurance Company Limited  In a filing to the exchanges on Monday informed that Prudential Corporation Holdings Limited, it promoter, is all set to sell upto 3.71percent stake in the company to raise about Rs1,600-Crore, to help the company meet public shareholding norms.

As per the Stock Exchange filing by the company, Prudential Corporation will sell 2.6percent of its stake in the company with an option to sell an additional 1.11percent stake. The 2-day offer for sale (OFS) will commence for Retail investors on Tuesday & Non-retail investors on Wednesday the company said in a release, post market hours to the stock exchanges on Monday.

Looking to the stock movement of ICICI Prudential Life Insurance Company, it seems that investors are yet to enthuse with this development, as share price quoted more or less 1 percent intraday on the BSE and NSE on Tuesday.

During mid-market trade, at 1.30pm, the ICICI Prudential Life Insurance stock quoted at Rs319.70 down  0.71% or Rs2.30 against its previous close of Rs322.00 on the NSE, in comparison, the benchmarks Sensex and Nifty quoted at 37,979 (up170 points)  and 11,400 (up 54 points)- respectively.

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