ICICI Bank sells 3.96% stake in ICICI Lombard for Rs 2,250 crore

Post the transaction, the ICICI Bank's stake in its general insurance subsidiary stands at 51.9 per cent and the rest is publicly held

ICICI Bank on Friday sold 3.96 per cent stake in ICICI Lombard for Rs 2,250 crore. This was done to strengthen the balance sheet in view of the pandemic, which is expected to worsen the bad loan problem.

In a statement to the exchanges, the bank said that pursuant to the board’s approval, it has divested 18 million shares of face value Rs 10 each of ICICI Lombard General Insurance, representing 3.96 per cent of its equity share capital, for an approximate Rs 2,250 crore.

ICICI Bank’s stake