ICICI Prudential slumps 3.5%

ICICI Prudential is among the top five losers on the BSE, going down almost 3.5% to Rs.311.60. Stock has been losing for the last 4 days and has fallen 9% in the period.

The stock is down as the promoter is selling stake. Prudential Corporation Holdings Ltd, which has a 25.82% stake, plans to sell up to 3.71% stake in ICICI Prudential Life. This will help the promoter raise around Rs.1600 crore.  2.6% if the offer for sale and 1.1% represents the option to sell the oversubscription limit.

The floor price for the sale has been fixed at Rs 300/share vis-à-vis yesterday’s closing of Rs.322.35.

The offer for sale of shares by the promoter began today for non-retail investors and tomorrow is for retail investors.  ICICI Bank continues to hold 52.87% stake.