Prudential Corporation Holdings, a 21.91% promoter of ICICI Prudential Life, will acquire a 75% controlling stake in Bharti Life Insurance for ₹3,500 crore.
Regulatory approvals for the acquisition are expected to require Prudential to reduce its stake in ICICI Prudential Life to under 10% and cease being a promoter.
The transaction, subject to regulatory approvals, is part of Prudential's strategic repositioning of its India operations to gain management control.
Prudential is engaging with regulators to seek an appropriate timeframe for the required divestment from ICICI Prudential Life.