ICICI Bank’s arm raises Rs 1,635 crore from anchor investors

In a bid to enhance capital adequacy, ICICI Bank’s subsidiary- ICICI Prudential Life Insurance Company has raised capital of Rs 1,635 crore from anchor investors ahead of its Initial Public Offer (IPO) of equity, which opens on September 19, 2016. The insurer allotted 48.9 million shares at Rs 334 each to several investors. These included sovereign wealth funds, pension funds and some mutual funds (MFs).

ICICI Bank is the most comprehensive player in the Indian mobile banking industry. It is the numero uno bank in FY16 with close to Rs 1 trillion worth of transactions in mobile banking. It was the first bank to launch a mobile banking application in India, iMobile in 2008.