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ICICI Pru Life set to file for nearly $750 mln IPO - sources

A money lender counts rupee notes at his shop in Ahmedabad, India, May 6, 2015. REUTERS/Amit Dave/Files

MUMBAI (Reuters) - ICICI Prudential Life Insurance Co Ltd is set to file for an initial public offering of shares valued at about 50 billion rupees ($746 million) as early as Friday, three people with direct knowledge of the matter said.

ICICI Pru Life is a joint venture between India’s ICICI Bank Ltd, which owns nearly 68 percent, and Britain’s Prudential PLC, with nearly 26 percent. The remainder is held by billionaire Azim Premji’s Premji Invest and Singapore state investor Temasek.

Under plans for the IPO, ICICI Pru Life will seek a listing during the second half of this year. ICICI Bank will sell shares in the offering, which will not include the issue of any new stock, one of the people said.

It was not immediately known if Prudential was also planning to sell part of its stake.

The people spoke on condition of anonymity because the information was not public.

A spokesman for ICICI Pru Life declined to comment. ICICI Bank and Prudential did not immediately respond to requests for comment.

($1 = 67.0400 Indian rupees)

Reporting by Devidutta Tripathy; Editing by Kenneth Maxwell