ICICI Prudential Approves NCDs Worth Rs 1,200 Crore

ICICI Prudential Life Insurance Co. approved on Friday an issuance of non-convertible debentures worth Rs 1,200 crore. The NCDs will be issued in one or more tranches.

The terms and conditions of issuance shall be finalised by an executive committee in due course, the company said in an exchange filing. The rated, listed, redeemable, unsecured, subordinated, taxable, fully paid-up and non-cumulative NCDs will be issued over the next twelve months.

An NCD is a fixed-income instrument that provides structured returns to investors. As NCDs are unsecured and not backed by assets, the market participants evaluate the issuing company's creditworthy and debt-servicing capacity before allotment.

In addition, the board accepted the resignation of Solmaz Altin and Anuj Bhargava as the non-executive directors of the company with effect from Sept. 13, 2025. The board also approved the appointment of Navin Tahilyani and Samit Upadhyay as non-executive (Additional) directors of the company with effect from Sept. 13, 2025.

In regard to the appointment of Tahilyani and Upadhyay, the life insurance company has approved the postal ballot process to seek approval from the shareholders.

ICICI Prudential's net profit rose 34% year-on-year in the April–June quarter to Rs 301 crore. In the year-ago period, the company posted a net profit of Rs 224 crore.

The net premium income during the quarter under review climbed 8% year-on-year to Rs 8,503 crore, compared to Rs 7,874 crore in the corresponding quarter of the previous fiscal.

The stock settled 0.39% higher at Rs 1,524.1 apiece on the NSE, compared to a 0.43% advance in the benchmark Nifty 50. ICICI Prudential shares have fallen 20.49% in the last 12 months and 8.25% year-to-date.

Out of 36 analysts tracking the company, 24 maintain a 'buy' rating, 10 recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 721.03 implies an upside of 19.9%.