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Private sector lender ICICI Bank on Monday sold 1.5 per cent stake in its life insurance arm ICICI Prudential for 840 crore. This was done to strengthen the bank’s balance sheet in light of the pandemic that is expected to worsen the bad loans problem of the banks.
This is the second such transaction conducted by the bank to strengthen its balance sheet. Last week, the private lender sold 3.96 per cent stake in its general insurance arm ICICI Lombard for Rs 2,250 crore.
The bank has now raised Rs 3,090 crore by selling stake in its life and general
