ICICI Pru gains 7% in 2 days after Government of Singapore buys 1.14% stake

On June 22, ICICI Bank divested 21.5 million equity shares, representing 1.50 per cent stake of ICICI Pru, for Rs 840 crore for strengthening its balance sheet.

Shares of ICICI Prudential Life Insurance Company (ICICI Pru) were up 3 per cent at Rs 419 in the early morning deals on the National Stock Exchange (NSE) on Tuesday. The stock has gained 7 per cent in the past two trading days after the Government of Singapore acquired a more than 1 percentage equity stake in the company through open market transactions on June 22.

The Government of Singapore bought 16.43 million equity shares, representing 1.14 per cent of the total paid-up equity capital of ICICI Pru, at Rs 391.6 per share on the NSE, the bulk deal data