NEW DELHI: ICICI Prudential Life Insurance on Wednesday said it will raise up to Rs 1,200 crore by issuing non-convertible debentures (NCDs) on private placement basis. “The Board of Directors has at their meeting held on October 7, 2020 approved raising capital by issuance of subordinated debt instruments in the nature of rated, listed, redeemable, unsecured, fully paid-up, non-cumulative, non-convertible debentures (NCDs) up to Rs 12 billion,” ICICI Prudential Life Insurance Company said in a regulatory filing.
The life insurer said the capital will be raised in one or more tranches, for cash, at par on private placement basis.
Stock of ICICI Prudential Life closed 0.74 per cent up at Rs 433.80 apiece on BSE.
Credit: Stocks-Markets-Economic Times