ICICI Bank divests stake in ICICI Lombard for Rs 2,250 crore

New Delhi: ICICI Bank on Friday said it has divested 3.96 per cent stake in ICICI Lombard General Insurance Company for Rs 2,250 crore.

Following this,  ICICI Lombard General Insurance Company Limited stands at approximately 51.9%, the bank said in a BSE filing. 

While announcing its results for the quarter ended March 2020 on May 9, 2020, the bank had stated that it would look at further strengthening the balance sheet as opportunities arise.

"Pursuant to approval granted by the Board, the Bank has today divested 18,000,000 equity shares of face value of Rs. 10 each of ICICI Lombard General Insurance Company Limited, representing 3.96% of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs. 22.50 billion," the bank said.

While announcing its results for the quarter ended March 31, 2020 on May 9, 2020, ICICI Bank Limited (the Bank) had stated that the Bank would look at further strengthening the balance sheet as opportunities arise, ICICI added.