ICICI Bank sells ₹840 crore shares of ICICI Pru Life1 min read . Updated: 22 Jun 2020, 10:10 AM IST
- After the share sale, ICICI Bank's shareholding in ICICI Prudential Life Insurance Company Limited stands at approximately 51.4%.
Private sector lender ICICI Bank today said that it has the Bank has divested 21,500,000 equity shares of face value of Rs. 10 each of ICICI Prudential Life Insurance Company Limited on the stock exchange for an approximate total consideration of ₹840 crore.
Shares of both ICICI Bank and ICICI Pru Life were firm in early trade, up 3% and 4% respectively amid a broader market rally.
This represents 1.50% of its equity share capital of ICICI Pru Life as of March 31, 2020. Following the share sale, ICICI Bank's shareholding in ICICI Prudential Life Insurance Company Limited comes down to 51.4%.
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.
ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Its assets under management (AUM) as on 31st March 2020 were at ₹1,52,968 crore.
On Friday, ICICI Bank on Friday said it has divested 3.96% stake in ICICI Lombard General Insurance Company for ₹2,250 crore on the stock exchange,
This represents 3.96 per cent of its equity share capital of ICICI Lombard at March 31, 2020.