On Friday, ICICI bank in a stock exchange filing said it has divested 1,80,00,000 equity shares of the face value of Rs 10 each of ICICI Lombard General Insurance Company Limited, representing 3.96 percent of its equity share capital at 31 March 2020, to strengthen its balance sheet.
It said that the approximate total consideration of the stake sale was Rs 22.50 billion or 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 percent.
The private lender said that while announcing its results for the quarter ended 31 March 2020 last month, it had stated that would look at further strengthening the balance sheet as opportunities arise.
Shares of ICICI Bank were trading were fluctuating between losses and gains on Friday, falling to an intraday low of Rs 349.20 and a high of Rs 356.50. On the other hand, ICICI Lombard GIC's shares were down 1.2 percent to Rs 1,261 apiece.
ICICI Lombard is the largest private sector general insurance company in India with a gross written premium of Rs 14,789 crore for the year ended 31 March 2019.