ICICI Bank gains after paring stake in ICICI Prudential Life

ICICI Bank rose 2.21% to Rs 371.95 after the bank divested 2.15 crore equity shares, or 1.50% equity, of ICICI Prudential Life Insurance Company on the stock exchange for an approximate total consideration of Rs 840 crore.

Following the share sale, ICICI Bank's shareholding in ICICI Prudential Life Insurance Company reduced to 51.4% as against 52.87% as on 31 March 2020.

Shares of ICICI Prudential Life were up 3.93% to trade at Rs 407.10 on the BSE today.

Meanwhile, ICICI Bank during market hours on Friday (19 June) said it divested 3.96% stake in ICICI Lombard General Insurance Company for Rs 2,250 crore on the stock exchange. Following this, the bank's shareholding in ICICI Lombard stands at approximately 51.9% from 55.86% as at end March 2020.

Shares of ICICI Lombard were down 0.79% to Rs 1256.40 on the BSE today.

While announcing Q4 earnings on 9 May 2020, ICICI bank had stated that it would look at further strengthening the balance sheet as opportunities arise.

ICICI Bank is one of India's leading private banks having a banking network of 5,324 branches and 15,688 ATMs as on 31 March 2020.

The private lender's net profit rose 26.04% to Rs 1,221.36 crore on 12.09% rise in total income to Rs 23,443.66 crore in Q4 March 2020 over Q4 March 2019.

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