ICICI Bank Ltd on Friday Sep 09,2016 said the proposed initial public offer (IPO) of
its subsidiary, ICICI Prudential Life Insurance Company Ltd ( ICICI Pru
Life), has been approved by Registrar of Companies, Maharashtra at
Mumbai.
The offer will be open for subscription to public on Monday September
19, 2016 and shall close on Wednesday, September 21, 2016.
The price
band has been fixed between Rs. 300 and Rs. 334 per equity share, the bank said in an exchange filing.
Securities market regulator SEBI had cleared the IPO of ICICI Pru Life
on September 7. This will be the first IPO in the life insurance space
in India
SEBI had issued its observations last Friday Sep 09,2016
The IPO is an
offer-for-sale of over 18.13 crore shares by its promoter ICICI Bank. Of
this, up to 10 per cent shares have been earmarked for the shareholders
of ICICI Bank and about 45 per cent for institutional investors.
The company had filed its draft red herring prospectus on July 18,2016
Azim Hasham Premji holds 4.01 % stake in the life insurer for Hasham Traders.
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