June 14, 2018 / 4:06 AM / 2 months ago

BUZZ-India's ICICI Prudential Life Insurance falls; ICICI Bank to sell 2 pct stake in insurer

** Shares of ICICI Prudential Life Insurance Co Ltd slip as much as 2.9 pct at 398.55 rupees, lowest since April 24

** Shares of ICICI Bank Ltd fall nearly 1 pct

** ICBK said on Wednesday it would sell its 2 pct stake, or 28.7 mln shares, in ICIR in one or more tranches

** ICBK will offer for sale stake in ICIR with floor price of 390 rupees, which is at about 5 pct discount to ICIR’s closing price - Jefferies

** Deal should fetch ICBK about 11.2 bln rupees ($165.7 mln) or about 4.5 pct of its FY 2019 operating profits - analysts add

** Jefferies maintains “buy” rating on ICIR with price target at 520 rupees

** Over 1.6 mln shares changed hands vs. 30-day moving avg of 1.3 mln

** Of 22 analysts covering ICIR stock, 21 rate it “buy” or higher, while 1 rates it “hold”; median PT is 520 rupees - Thomson Reuters data

** Up to Wednesday’s close, ICIR stock had risen 7 pct this year ($1 = 67.6000 Indian rupees)

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