ICICI Bank Sells 1.5% Stake in ICICI Prudential For Rs 840 Crore

New Delhi: ICICI Bank on Monday said that it has sold 1.5 per cent share in ICICI Prudential Life Insurance Company Ltd for Rs 840 crore. Also Read – Fitch Ratings Revises Outlook on 9 Indian Banks to Negative

The development comes just days after the bank sold 3.6 per cent stake in ICICI Lombard General Insurance Company for around Rs 2,250 crore. Also Read – Sensex Closing Bell: Markets End 376 Pts Higher Despite Indo-China Standoff; HDFC Twins, ICICI Bank Win Big

While announcing its results for the quarter ended March 31, 2020 last month, ICICI Bank had stated that the bank would look at further strengthening the balance sheet as opportunities arise. Also Read – ICICI Bank Launches Cardless Withdrawal Facility at Its ATMs | Know Here How to Withdraw

“The bank has today divested 21,500,000 equity shares with a face value of Rs 10 each of ICICI Prudential Life Insurance Company Limited, representing 1.50 per cent of its equity share capital on March 31, 2020, on the stock exchange for an approximate total consideration of Rs 8.40 billion,” it said.

Following the transaction, the bank’s shareholding in ICICI Prudential Life Insurance Company Ltd stands at around 51.4 per cent.

Shares of ICICI Bank rose on Monday following the announcement. Around 2.05 pm, ICICI Bank shares on the BSE were trading at Rs 372.50, higher by Rs 8.60 or Rs 2.36 per cent from the previous close.