Latest News | ICICI Prudential Life to Raise Rs 1,200 Cr

New Delhi, Oct 29 (PTI) ICICI Prudential Life Insurance Company on Thursday said it will raise Rs 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.

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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 Rs 10 lakh aggregating to Rs 12 billion (Rs 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.

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

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)