ICICI Bank Divests 1.5% Stake In ICICI Prudential Life Insurance, Stock Up

Shares in ICICI Bank were up for the third straight day, even as the bank said it had divested 1.5% stake in ICICI Prudential Life Insurance Company.

"While announcing its results for the quarter ended March 31, 2020 on May 9, 2020, ICICI Bank Limited had stated that the Bank 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 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. Following this, the Bank's shareholding in ICICI Prudential Life Insurance Company Limited stands at approximately 51.4%," ICICI Bank said in a release to the exchanges.

The shares of the bank were last seen trading at Rs 369 on the National Stock Exchange.