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ICICI Bank on Friday divested 3.96 per cent equity stake in ICICI Lombard General Insurance Company for ₹2,250 crore.
Following this divestment, the bank’s shareholding in its general insurance subsidiary stands at about 51.9 per cent, the private sector bank said in a regulatory filing.
While announcing its results for the quarter ended March 31, 2020, the bank had stated that it 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 divested 1.80 crore equity shares of face value of ₹10 each of ICICI Lombard General Insurance Company Limited,” as per the regulatory filing.
ICICI Lombard had reported a 14 per cent increase in net profit at ₹1,194 crore in FY20 against ₹1,048 crore in FY19.
Among its nine subsidiaries, the contribution of the general insurer is the highest to ICICI Bank’s consolidated net profit.
ICICI Bank shares rose 3.38 per cent to close at ₹363.90 per share on BSE against the previous close ₹352.
ICICI Lombard shares declined 0.79 per cent to end at ₹1,266.45 apiece on BSE against the previous close of ₹1,276.50.
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