ICICI Prudential Denies Knowledge of Reported Bharti–Prudential Insurance Deal

An announcement from ICICI Prudential Life Insurance Co. Ltd. ( (IN:ICICIPRULI) ) is now available.

ICICI Prudential Life Insurance has clarified that it is unaware of any developments related to a reported plan by Bharti to sell 85% of its insurance business to Prudential. The company stated that neither Prudential Corporation Holdings Limited, one of its promoters, nor its group entities have communicated any such transaction-related information to it.

The insurer also relayed Prudential Corporation Holdings Limited’s stance that it does not comment on market rumours or speculation. By formally addressing the media report with the stock exchanges, ICICI Prudential aims to reassure investors and stakeholders that there is no confirmed corporate action arising from the reported deal at this time.

More about ICICI Prudential Life Insurance Co. Ltd.

ICICI Prudential Life Insurance Company Limited is a leading Indian life insurer offering a range of life insurance and protection products to retail and corporate customers. The company operates in the highly competitive Indian insurance market, where it competes with both domestic and global players for long-term savings and protection business.

Average Trading Volume: 112,187

Technical Sentiment Signal: Sell

Current Market Cap: 775.6B INR

For a thorough assessment of ICICIPRULI stock, go to TipRanks’ Stock Analysis page.