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ICICI Prudential Life Insurance on Tuesday announced to sell 2.02% of its stake in fast food restaurant company Westlife Development. The company's shareholding in Westlife is now down to 5.13%.

"Transaction has been undertaken on the stock exchange and it is not a related party transaction," the insurance company said in a regulatory filing.

It added, "The sale transaction undertaken on July 04, 2022, resulted in the cumulative change in holding by more than 2% from the holding position for which the last disclosure was made to the exchanges on April 01, 2021 under SEBI (Substantial Acquisition of Shares and Takeover) Regulation, 2011."

Westlife Development has a market cap of 8,036.17 crore as of 4 July.

ICICI Prudential Life Insurance Company Ltd. belongs to the Insurance - Life industry.

The firm last month announced a record bonus of 969 crore for policyholders in FY2022, 12% higher than the preceding fiscal.

Icici Prudential Life Insurance Comp Ltd's scrip dropped 2.42% to close at 498.95 apiece on NSE.

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