Prudential Plc enters SPAs to acquire a 75% controlling stake in Bharti Life Insurance for ~₹3,500 crore.
Regulatory approval requires Prudential to reduce its 21.91% stake in ICICI Prudential Life to under 10% and cease being a promoter.
ICICI Bank confirms its intent to retain majority ownership in its subsidiary ICICI Prudential Life Insurance.
The transaction is subject to regulatory approvals and certain conditions, with potential additional consideration of up to ~₹700 crore.