Business Standard

ICICI Bank gains over 3% after paring stake in ICICI Prudential Life

ICICI Pru Life's stock also rose 5.68 per cent to Rs 413.95 on the BSE after the stake sale

ICICI Pru IPO: Could raise Rs 1,800 cr from anchor investors
Premium

the bank’s shareholding in ICICI Prudential Life Insurance Company Limited stands at 51.4 per cent

SI Reporter New Delhi
Shares of ICICI Bank rose 3.11 per cent to Rs 375.25 on the BSE on Monday after the bank sold 1.5 per cent stake in its life insurance arm ICICI Prudential Life for Rs 840 crore.

In a statement to the exchanges, the bank said that purusant to the board's approval, "the Bank has today divested 21,500,000 equity shares of face value of Rs. 10 each of ICICI Prudential Life Insurance Company Limited, representing 1.50% of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs. 8.40 billion." READ

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jun 22 2020 | 10:31 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com