ICICI Prudential plans to raise Rs 1,200 crore

ICICI Prudential Life Insurance said it plans to raise ₹1,200 crore through subordinated debt after exercising the call option on an existing ₹1,200 crore issue due in November 2025. “The ₹1,200 crore that we had raised five years back in November 2020 is due for the first call option in November 2025. And as approved by the board, we will be exercising the call option,” the management said. Icra has reaffirmed the rating of our existing ₹1,200 and ₹1,400 crore subordinated debt programs as Icra AAA (Stable).

The insurer added that its solvency ratio stood at 213.2% at the end of the September quarter, and even after the exercise of the call option, their solvency ratio will remain well above the regulatory threshold of 150%. The company’s board has also approved re-raising the ₹1,200 crore subordinated debt.