India: ICICI Bank raises $243m in insurance arm pre-IPO, GIC among anchor investors

Photo: Pradeep Gaur/Mint

Private sector lender ICICI Bank Ltd on Friday raised Rs1,635.33 crore by selling shares in its life insurance arm as part of the Rs 6,056 crore initial public offering (IPO) beginning next week, the company said in a stock exchange filing.

India’s largest private sector bank sold 48.96  million ICICI Prudential Life shares to institutional investors. The sale took place at Rs334 per share, the upper end of the Rs300-334 price band for the IPO, as per the filing.

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