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

Post the transaction, the bank's shareholding in ICICI Prudential Life Insurance Company Ltd stands at around 51.4 per cent. (Photo: ICICI)


Private lender ICICI Bank on Monday divested 1.5 per cent share in ICICI Prudential Life Insurance Company Ltd for Rs 840 crore.

This latest transaction comes a few days after the bank sold 3.6 per cent stake in ICICI Lombard General Insurance Company for around Rs 2,250 crore.

The lender has now raised Rs 3,090 crore by selling stake in ICICI Prudential Life Insurance Company Ltd and ICICI Lombard General Insurance Company.

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.

“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.

Post 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.

In the last hour of day’s trade, i.e. at 4.00 pm, bank’s shares were trading 1.07 per cent up at Rs 367.80 on the BSE. On NSE it was at Rs 367.85, up by 1.11 per cent