Business

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

ICICI Bank on Friday said it has divested 3.96% stake in ICICI Lombard General Insurance Company for ₹ 2,250 crore.

Following this, the bank’s shareholding in the insurer stands at approximately 51.9%.

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 the approval of its board, the bank has divested 18,000,000 equity shares of face value of ₹ 10 each of ICICI Lombard General Insurance Company, ICICI Bank said in a filing to BSE.

This represents 3.96% of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of ₹ 2,250 crore, it said.

As seen on thehindu Image Credits thehindu

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