ICICI Prudential Life Insurance Co.’s two biggest shareholders are weighing a sale of about a 6% stake in the Indian insurer, according to people with knowledge of the matter. Prudential Plc and ICICI Bank Ltd. are considering a possible deal to pare their stakes as soon as in the next few months. Shareholders may decide to cut their stakes through multiple transactions.
ICICI Bank currently owns 54.9% of the insurer, while Prudential has a 25.8% stake, exchange filings show. The shareholders plan to sell stock to help the company meet the minimum public float requirement after listing, according to the insurer’s 2016 IPO prospectus.
