ICICI Pru not keen on IPO now: CEO Bakshi
Even as the sectoral regulator Irda has said that IPO guidelines will be out within the next 45 days, leading private sector insurer, ICICI Prudential Life, said it is not very keen on hitting the capital market soon.
February 23, 2011 / 09:03 IST
Even as the sectoral regulator Irda has said that IPO guidelines will be out within the next 45 days, leading private sector insurer, ICICI Prudential Life, said it is not very keen on hitting the capital market soon.
"We are not very keen on going in for an IPO (initial public offering) as we don't need to raise any capital now. We are, in fact, very well capitalised," ICICI Prudential Life Managing Director and Chief Executive, Sandeep Bakshi, told PTI.However, speaking at a roundtable on the last day of the 13th Global Conference on Actuaries here, he said, IPO will be good for the industry as it will help companies arrive at better price discoveries.Yesterday, Insurance Regulatory and Development Authority Member-Actuaries, R Kannan, had said that the regulator will issue the IPO guidelines within the next 30-45 days.When asked specifically does that mean it would not be issued within this fiscal, he had shot back asking,"is there any company waiting at our doors with the IPO prospectus?"ICICI Pru Actuarial Head Sunil Sharma said, "our solvency level is over 300% against the regulatory requirement of 150%. So we don't need capital by way of divesting our stake in the market." . Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
