ICICI Bank bank, on Monday, sold 1.5 per cent stake in its life insurance arm ICICI Prudential Life for Rs 840 crore.
Following this, the Bank’s shareholding in ICICI Prudential Life Insurance Company Limited stands at approximately 51.4 per cent..
The Government of Singapore today has acquired 1.14 percent equity stake in ICICI Prudential Life Insurance Company through open market transactions on June 22.It bought 1,64,30,820 equity shares (representing 1.14 percent of the total paid up equity capital) of ICICI Prudential at Rs 391.6 per share, as per bulk deals data on the National Stock Exchange.
In a statement to the exchanges, the bank said that purusant to the board's approval, "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."
While announcing its results for the quarter ended March 31, 2020 on May 9, 2020, ICICI Bank Limited (the Bank) had stated that the Bank would look at further strengthening the balance sheet as opportunities arise.
Earlier, the bank had sold 3.6 per cent stake in ICICI Lombard General Insurance Company for around Rs 2,250 crore.Post the divestment, ICICI Bank''s stake in its general insurance stands at around 51.9 per cent.