Prudential Corporation Holdings Ltd plans to sell up to 3.71 per cent stake in ICICI Prudential Life Insurance Co Ltd to raise nearly Rs 1,600 crore.
The offer for sale of shares by the promoter begins on Tuesday.
"Prudential Corporation Holdings (the seller) of ICICI Prudential Life Insurance Company Ltd (the company) has submitted to BSE a copy of notice of offer for sell up to an aggregate of 37,330,397 equity shares (representing 2.6 per cent of the equity share capital of the company)... with an option to additionally sell up to 15,937,208 equity shares (representing 1.11 of the equity share capital)," ICICI Prudential Life said in a regulatory filing Monday.
The floor price for the sale has been fixed at Rs 300 apiece.
The sale offer will be open for non-retail investors on March 26 and close on the same day. For retail investors, the date has been fixed as March 27.
While ICICI Bank holds 52.87 per cent stake in the company, Prudential Corporation Holding Ltd has 25.82 per cent holding.
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The remaining shareholding is of public, inclusive of financial institutions, corporate bodies and trusts.
Shares of ICICI Prudential Life closed at Rs 322.35 apiece on BSE, down 2.33 per cent from the previous close.