ICICI Bank sells 1.5% stake in ICICI Prudential Life Insurance for Rs 840 crore

New Delhi: ICICI Bank on Monday said it has divested 1.5 percent stake in ICICI Lombard General Insurance Company for Rs 840 crore.

Following this, the Bank’s shareholding in ICICI Prudential Life Insurance Company Limited stands at approximately 51.4%, 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 21,500,000 equity shares of face value of Rs. 10 each of ICICI Prudential Life Insurance Company Limited, representing 1.50% of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs. 8.40 billion,” the bank said in a BSE filing.

ICICI Bank on Friday (June 19) 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 had said in a BSE filing.