The board of directors of the bank approved the sale of up to 2,87,11,100 shares of ICICI Prudential Life Insurance Company.
Shares of ICICI Bank fell 1 percent in the early trade on Thursday as company to offload 2 percent stake in its insurance arm."The board of directors of the bank approved the sale of up to 2,87,11,100 shares, representing up to 2% of the issued and the paid-up equity share
capital of ICICI Prudential Life Insurance Company in one or more tranches," as per company release.
The stake sale can be done in any manner permissible under applicable law, including through an offer for sale by promoters through stock exchange mechanism, as may be permitted and in the manner specified by the Indian regulatory authorities, it added.
As on March 2018, ICICI Bank holds 54.88 percent stake, while Prudential Corporation Holdings holds 25.83 percent stake in the comapny.
At 09:17 hrs ICICI Bank was quoting at Rs 288.75, down 0.70 percent and ICICI Prudential Life Insurance Company was quoting at Rs 404.65, down 1.37 percent on the BSE.Posted by Rakesh Patil