ICICI Pru Life raises investment limit in pension fund arm to INR 1 bln
This story was originally published at 20:11 IST on 12 March 2025
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MUMBAI – The ICICI Prudential Life Insurance Co. Ltd. has increased its investment limits in its subsidiary, ICICI Prudential Pension Funds Management Co. Ltd. to INR 1 billion from INR 750 million earlier, the life insurance company said in an exchange filing on Wednesday.
The first tranche of the acquisition is expected to be completed by Jun. 30, with subsequent fund infusion as required, the life insurance company said. The aquisition will be settled in cash at INR 10 per equity share, it said.
The increase in investment was made "for independence of its business from the sponsor, in the form of independent network and other infrastructure in accordance with applicable regulatory requirements, ICICI Prudential Life Insurance said.
ICICI Prudential Life Insurance reported a 43% on-year increase in its net profit for the quarter ended December to INR 3.26 billion. Shares of the company closed 0.2% lower at INR 544.90 on the National Stock Exchange Wednesday. End
Reported by Srijita Bose
Edited by Saji George Titus
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