ICICI Prudential hikes capital by Rs 230 cr
ICICI Prudential Life Insurance Company on Monday announced an increase in its capital by Rs 230 crore taking the total capital to Rs 1,815 crore for future expansion plan and meeting solvency norms.
By PTI |
NEW DELHI: ICICI Prudential Life Insurance Company on Monday announced an increase in its capital by Rs 230 crore taking the total capital to Rs 1,815 crore for future expansion plan and meeting solvency norms.
"With this capital infusion, our range of products and extensive distribution, the company is well poised to meet the growth in the coming months," ICICI Prudential Life Managing Director Shikha Sharma said in a statement.
This infusion also assumes significance in the context of the company's expansion strategy, which includes opening new offices across the country, she said.
As on November 30, 2006, the company had a network of 415 branches across the country.
Besides, the additional capital would be used to meet the solvency norms as stipulated by the regulator and would fund the high up-front expenses typical to life insurance business, she added.
This is the third equity hike during this fiscal taking the capital infusion during the year to Rs 630 crore.
ICICI Prudential is a joint venture with ICICI Bank holding 74 per cent and Prudential Plc having 26 per cent stake and the fresh capital infusion is in proportion to equity holding.
"With this capital infusion, our range of products and extensive distribution, the company is well poised to meet the growth in the coming months," ICICI Prudential Life Managing Director Shikha Sharma said in a statement.
This infusion also assumes significance in the context of the company's expansion strategy, which includes opening new offices across the country, she said.
As on November 30, 2006, the company had a network of 415 branches across the country.
Besides, the additional capital would be used to meet the solvency norms as stipulated by the regulator and would fund the high up-front expenses typical to life insurance business, she added.
This is the third equity hike during this fiscal taking the capital infusion during the year to Rs 630 crore.
ICICI Prudential is a joint venture with ICICI Bank holding 74 per cent and Prudential Plc having 26 per cent stake and the fresh capital infusion is in proportion to equity holding.
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