ICICI Bank has received an approval for the sale of up to 28,711,100 shares, representing up to 2% of the issued and the paid-up equity share capital of ICICI Prudential Life Insurance Company in one or more tranches, in any manner permissible under applicable law, including through an 'offer for sale by promoters through stock exchange mechanism' (OFS), as may be permitted and in the manner specified by the Indian regulatory authorities. The Board of Directors of the Bank on June 13, 2018, approved the same.
ICICI Bank is India’s largest private sector bank by consolidated assets. The bank’s consolidated total assets stood at $165 billion at December 31, 2017. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.
