ICICI Bank has filed draft red herring prospectus (DRHP) with Sebi for an initial public offer (IPO), worth up to Rs 5,000 crore.
Country's largest private sector lender said it will sell 12.65 per cent stake in its subsidiary ICICI Prudential Life Insurance Company, offloading more than 18 crore shares through a public offer.
The share selling by the bank in the subsidiary firm is estimated to fetch around Rs 5,000 crore.
In a regulatory filing today, ICICI Bank said ICICI Prudential Life Insurance Company has filed a draft red herring prospectus (DRHP) with the market regulator Sebi.
The public offer is for up to 18,13,41,058 equity shares of ICICI Prudential Life Insurance Company, representing approximately 12.65 per cent of its equity share capital for cash, through an offer for sale by ICICI Bank, it said.
"The offer includes a proposed reservation of up to 18,134,105 equity shares (10 per cent of the offer) for individual and Hindu Undivided Family (HUF) shareholders of ICICI Bank," it added.
ICICI Prudential Life is a venture between banking major ICICI Bank and UK's Prudential Corporation Holdings Ltd. Singapore's Temasek and PremjiInvest are also shareholders in the insurance company.
ICICI Bank share traded 2.45 per cent up at Rs 267.65 on BSE.
