ICICI Bank Ltd has acquired an additional 2% stake in its life insurance subsidiary, ICICI Prudential Life Insurance, for ₹1,470 crore through the stock exchange. With this, the total shareholding of the bank in the insurance venture has increased from 50.84% to 52.8%.
The Competition Commission of India (CCI) has approved the acquisition of a 23% equity shareholding in TM International Logistics Ltd by Tata Steel Ltd.
Additionally, the CCI has approved the acquisition of a specific equity shareholding in Bharti Life Insurance Company Ltd by Prudential Corporation Holdings Ltd.
The Insurance Regulatory and Development Authority of India (IRDAI) has granted the final (R3) Certificate of Registration (CoR) to Prudential HCL Health Insurance Ltd. It is a joint venture (JV) between the Prudential Group of the UK (70% stake) and the HCL Group of India (30% stake). With this, the company becomes the 8th standalone health insurer in India.
It is to be noted that regulatory guidelines mandate a minimum paid-up equity capital of ₹100 crore for an Indian insurance company or a Limited Liability Partnership (LLP) registered under the LLP Act, 2008.