The government of Singapore on Monday bought shares of ICICI Prudential Life Insurance Ltd worth around Rs842 crore, according to stock exchange data.
The shares were bought from the life insurer’s promoter ICICI Bank Ltd. The shares were bought at a price of Rs391.6 apiece, stock exchange data shows.
On Monday, ICICI Bank said that it has sold nearly 1.5% stake or 2.15 crore shares of ICICI Prudential Life Insurance Co Ltd for ₹840 crore.
With this stake sale, ICICI Bank now holds 51.40% stake in ICICI Prudential.
ICICI Bank in a notice to exchange said that the bank would look at further strengthening the balance sheet as opportunities arise
Shares of ICICI Prudential closed at Rs406.8 per share, up 3.85% on the BSE, while the benchmark Sensex closed at 34,911.32 points, up 0.53%.
