Icici Bank Sells 16.5% For Rs 1,320 Crore

A clutch of financial investors today acquired 16.54 per cent stake in ICICI Bank for Rs 1,320 crore.

Lombard Insurance, Government of Singapore Investment Corporation, Prudential Plc and four foreign institutional investors acquired 101.6 million shares of ICICI Bank in a string of block deals, at the average price of Rs 130, translating into an extraordinary gain of Rs 1,193 crore for the bank as the average acquisition cost per share was only Rs 12.27. ICICI Brokerage brokered the deals.

The 16.54 per cent stake in ICICI Bank was held by the Western India Trustee and Executor Company Ltd - ICICI Bank Shares Trust, following the merger of ICICI with ICICI Bank. ICICI