Friday, ICICI Prudential Life Insurance is ready to hire Bank of America Merrill Lynch and ICICI Securities for its intended USD 600 million to USD 700 million initial public offering (IPO), IFR reported today citing two sources shut to the plans. Other banks are likely to join the syndicate for the IPO that is expected in the current financial year ending March 31.
ICICI Bank Ltd , India's biggest private-sector lender by assets, owns the majority of the insurer, while Britain's Prudential PLC owns 26 percent. ICICI Prudential Life Insurance, ICICI Securities and Bank of America Merrill Lynch did not immediately respond to Reuters' requests for comment.
ICICI Bank said last week it planned to file for an IPO of the life insurance unit during the recent financial year.