ICICI Prudential Life to raise ₹1,200 crore

ICICI Prudential Life Insurance Company on Thursday said it will raise ₹1,200 crore by issuing bonds on private placement basis.

The fund raise plan was approved at the meeting of the strategy committee of the company held on October 29, ICICI Prudential Life said.

The committee approved the terms of issuing debt instruments in the nature of 12,000 rated, listed, subordinated, redeemable, taxable, unsecured, fully paid-up, non-cumulative, non-convertible debentures having a face value of ₹10 lakh aggregating to ₹12 billion ( ₹1,200 crore) on private placement basis, it said in a regulatory filing.

Further, the details in relation to the issue including the coupon rate shall be intimated in due course, the life insurer said.

The company said it will list the said debentures on the Wholesale Debt Market segment of NSE. ICICI Prudential Life shares closed flat at ₹408.20 apiece on BSE.

Source: Live Mint