ICICI Pru not keen on IPO now: CEO Bakshi

Posted By: Pti
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To a question whether the company is looking at takeover as Irda will be issuing M&A norms in the next two-threemonths, Bakshi said, "I don�t think we are looking at anyacquisitions now. You know the shape of the industry sincelast September when there was a raft of regulatory changes andthe resultant plight of the industry."

"I think we should first work towards stabilising thecurrent business and then look at takeovers," he said.

At the seminar, HDFC Standard Life Chief Executive,Amitabh Chaudhary, said though the IPO will be good, time isnot ripe for it. "What will we offer to the investor in termsof current profitability as well as the expected futureprofits?" he asked and dismissed the idea for now.

Kannan had said yesterday that the Irda would be able toissue the M&A guidelines within the next three months.

"We have been examining the pros and cons of mergersand acquisition in the industry and we are sure to come outwith the final guidelines within the next two to threemonths," he said.

The last takeover in the life space took place wayback in 2005 when Reliance Life bought out AMP Sanmar.

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