ICICI Pru gets IPO approval

ICICI Prudential Life Insurance Company has received markets regulator Sebi's approval to raise an estimated Rs.5,000 crore through an initial public offering, the first by an insurer in India and the biggest in nearly six years.
The company , which filed the draft red herring prospectus with the Securities and Exchange Board of India (Sebi) on July 18, got the regulator's approval on September 2, as per the latest update.
The public offer comprises up to 18,13,41,058 equity shares of ICICI Prudential Life Insurance Company , representing about 12.7% of its equity share capital for cash, through an offer for sale by ICICI Bank, as per the draft papers.

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