ICICI Bank has divested 1.50 percent stake in ICICI Prudential Life Insurance Company.
ICICI Bank share price rose 3 percent intraday on June 22 after the private lender divested 21,500,000 equity shares of face value of Rs 10 each of ICICI Prudential Life Insurance Company
The shares, representing 1.50% of equity share capital as of March 31, 2020, were divested on the stock exchange for an approximate consideration of Rs 8.40 billion.
Following this, the bank’s shareholding in ICICI Prudential Life Insurance Company stands at 51.4 percent.
On June 19, the bank divested 18,000,000 equity shares of ICICI Lombard General Insurance Company, representing 3.96% of its equity share capital as on March 31, 2020, for Rs 2,250 crore.At 0946 hours, ICICI Bank was quoting at Rs 374.70, up Rs 10.80, or 2.97 percent, and ICICI Prudential Life Insurance Company was quoting at Rs 407.10, up Rs 15.40, or 3.93 percent on the BSE.