ICICI Bank today said it has divested 18,000,000 equity shares of face value of ₹10 each of ICICI Lombard General Insurance Company Limited, representing 3.96% of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs. 2,250 crore. Following this stake sale, the ICICI Bank’s shareholding in ICICI Lombard General Insurance Company Limited stands at approximately 51.9%.
While announcing its results for the quarter ended March 31, 2020 on May 9, 2020, ICICI Bank had stated that the Bank would look at further strengthening the balance sheet as opportunities arise.
ICICI Bank shares were 0.10% higher at ₹352.35 on BSE in early trade. On the other hand, ICICI Lombard General Insurance Company’s shares were down 1.2% at ₹1,261 apiece.
ICICI Lombard GIC Ltd. is the largeest private sector general insurance company in India with a gross written premium of ₹14,789 crore for the year ended March 31, 2019. The company issued over 26.5 million policies and settled over 1.6 million claims as on March 31, 2019.
