Stocks

ICICI Bank divest 3.96% stake in its general insurance arm; shares trade unchanged

Internet Desk | Updated on June 19, 2020 Published on June 19, 2020

ICICI Bank on Friday announced divesting 1.8 crore shares of ICICI Lombard, representing 3.96 per cent of its total equity share capital.

The bank announced that the stake sale is part of efforts to strengthen its balance sheet.

According to the exchange filing, the bank has sold 3.96 per cent stake for a consideration of Rs 2,250 crore. Post the stake sale, the bank's shareholding in ICICI Lombard stands now at 51.9 per cent.

The shares of the bank trade muted with a gain of 0.8 per cent to Rs 356.50

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Published on June 19, 2020
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