Private sector lender ICICI Bank said that it has the Bank has divested 21,500,000 equity shares of the face value of Rs 10 each of ICICI Prudential Life Insurance Company Limited on the stock exchange for an approximate total consideration of Rs 840 crore. Shares of both ICICI Bank and ICICI Pru Life were firm in early trade, up to three per cent (3%) and four per cent (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.

Read EquityPandit’s Nifty Outlook for the Week