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ICICI Bank sells 1.5% stake in life insurance arm for ₹840 crore

ICICI Bank on June 22 said it sold 1.5% stake in its life insurance subsidiary for around ₹840 crore with an aim to strengthen the balance sheet.

Last week, the lender had informed exchanges about selling a little less than 4% stake in its general insurance subsidiary for ₹2,250 crore.

While announcing its results for 2019-20 on May 9, the bank had said it would look at further strengthening the balance sheet as opportunities arise.

“In line with this intent and pursuant to approval granted by the Board, the Bank has today divested 2,15,00,000 equity shares of face value of ₹10 each of ICICI Prudential Life Insurance Company, representing 1.50% of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of ₹8.40 billion (₹840 crore ),” ICICI Bank said in a regulatory filing.

Following this, the bank’s shareholding in ICICI Prudential Life stands at approximately 51.4%t, it added.

On June 19, it had informed exchanges about selling 3.96% stake, equivalent to 1.8 crore shares in ICICI Lombard General Insurance, through open market for ₹2,250 crore. Following this, the bank’s stake in the subsidiary has come down to 51.9%.

ICICI Bank stock was trading 1.54% up at ₹369.85 on BSE. ICICI Prudential Life scrip was trading higher by 4.12% at ₹407.90.

As seen on thehindu Image Credits thehindu

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