ICICI Prudential Life Insurance shares fell nearly 9% to hit 52 week low following an announcement regarding Prudential plc's plan to acquire a majority stake of Bharti Life Insurance from Bharti Life Ventures Pvt Ltd and 360 ONE Asset Management.
ICICI Prudential Life Insurance shares dropped 8.78% intraday to Rs 488.6 apiece. The scrip was trading 6.27% lower by 11:22 a.m. The benchmark NSE Nifty 50 was down 0.78%.
Prudential plc on Sunday, May 11 announced the acquisition of a 75% stake in Bharti Life Insurance Company Limited from Bharti Life Ventures Pvt Ltd and 360 ONE Asset Management, noting that the completion of the transaction remains subject to receipt of regulatory approvals and the satisfaction of other conditions.
ICICI Prudential Life Insurance in an exchange filing said, "Prudential's Indian operations will consist of majority-owned Bharti Life Insurance Company Limited and Prudential HCL Health Insurance Limited, and minority shareholdings in two listed entities, namely 35% of ICICI Prudential Asset Management Company Limited and 22% in ICICI Prudential Life Insurance Company Limited."
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