ICICI Bank divests stake in ICICI Lombard for Rs 2,250 cr

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ICICI Lombard General Insurance Company on Saturday reported a 23.8 per cent rise in net profit at Rs 282 crore for the March quarter.
ICICI Lombard General Insurance Company

New Delhi, Jun 19 (PTI) ICICI Bank on Friday said it has divested 3.96 per cent stake in ICICI Lombard General Insurance Company for Rs 2,250 crore.

Following this, the bank’s shareholding in the insurer stands at approximately 51.9 per cent.

While announcing its results for the quarter ended March 2020 on May 9, 2020, the bank had stated that it would look at further strengthening the balance sheet as opportunities arise.

Pursuant to the approval of its board, the bank has divested 18,000,000 equity shares of face value of Rs 10 each of ICICI Lombard General Insurance Company, ICICI Bank said in a filing to BSE.

This represents 3.96 per cent of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs 2,250 crore, it said.

Source:PTI

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