ICICI Bank divested 1.50% shares of ICICI Prudential Life Insurance

In a bid to strengthen the balance sheet as the opportunities arise, the ICICI Bank on Monday said, “It has divested 21,500,000 equity shares of ICICI Prudential Life Insurance Company Limited.”

The bank in its filing at the Bombay Stock Exchange said, “The Bank has today divested 21,500,000 equity shares of the 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.”

Adding to the filing, the bank said, “The Bank’s shareholding in ICICI Prudential Life Insurance Company Ltd stands at approximately 51.4%.”