ICICI Bank, Prudential Sign Undertaking on Life Insurance Subsidiary

ICICI Bank Limited has entered into a Letter of Undertaking with Prudential Corporation Holdings Limited concerning non-exercise of certain rights by Prudential related to their joint subsidiary, ICICI Prudential Life Insurance Company Limited. This agreement is a measure to mitigate potential conflicts of interest arising from Prudential's proposed acquisition of a 75% stake in Bharti Life. The undertaking outlines Prudential's abstention from voting on special resolutions and the resignation of its nominee director, among other terms, during the period of reclassification of Prudential from 'promoter' to 'investor' at the subsidiary, subject to regulatory approvals. There is no impact on ICICI Bank's management or control.