ICICI Prudential Life Insurance Co Ltd said on Tuesday its board will meet on Sept 12 to consider redeeming ₹12 billion worth of unsecured subordinated non-convertible debentures (NCDs) allotted in November 2020.
“Board of Directors of the Company at its meeting scheduled to be held on Friday, September 12, 2025, shall consider, inter-alia: (i) exercise of call option in relation to unsecured, subordinated, listed, rated, redeemable, taxable, non-cumulative, non-convertible debentures amounting to ₹12.00 billion allotted on November 6, 2020,” the company stated in a filing.
The company will also consider raising funds in one or more tranches via issuance of subordinated NCDs on a private placement basis, it said in an exchange filing.
ICICI Prudential Life reported a 34% rise in net profit for the quarter ended June 30. Net profit stood at ₹302.08 crore compared to ₹225.4 crore a year ago.
The company said the increase came from lower new business strain and better investment income from shareholders.
Total Annualised Premium Equivalent (APE) came in at ₹1,864 crore, in line with the CNBC-TV18 poll. However, total APE was down 5% year-on-year from ₹1,963 crore.The value of new business (VNB) stood at ₹457 crore, higher than the CNBC-TV18 poll of ₹440 crore. But VNB dropped 3.2% year-on-year from ₹472 crore.
Shares of the company ended 0.7% higher at a price of ₹597.00 on the NSE today.
