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ICICI Prudential raises capital
Special Correspondent
MUMBAI:
ICICI Prudential Life Insurance has increased its capital by Rs. 230 crore, taking the total capital investment by the promoters to Rs. 1,815 crore. This is the third equity hike during this financial year, taking the capital infusion during the year to Rs. 630 crore. The two partners, ICICI Bank and Prudential plc, contributed to the capital in their existing proportions of 74:26, respectively.
The additional capital will be used to meet the solvency norms as stipulated by the regulator, and will fund the high up-front expenses typical to a life insurance business. This infusion also assumes significance in the context of the company's expansion strategy, which includes opening new offices across the country, stated a press release issued here by ICICI Prudential.
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