ICICI Bank rose 1.48% to Rs 271.10 at 9:30 IST on BSE after the board of directors at its meeting held yesterday, 16 November 2015, approved the sale of bank's 6% stake in ICICI Prudential Life Insurance Company.
The bank made announcement after market hours yesterday, 16 November 2015.
Meanwhile, the S&P BSE Sensex was up 73.99 points or 0.29% at 25,834.59.
On BSE, so far 78,793 shares were traded in the counter as against average daily volume of 10.66 lakh shares in the past one quarter.
The stock hit high of Rs 272.25 and low of Rs 270.20 so far during the day. The stock had hit a record high of Rs 393.30 on 28 January 2015. The stock had hit a 52-week low of Rs 248 on 7 September 2015.
ICICI Bank said that its sale of 6% stake in ICICI Prudential Life Insurance Company comprised of the sale of 4% to Premji Invest & its affiliates and 2% to Compassvale Investments Pte Ltd, an indirectly wholly-owned subsidiary of the Singapore-based investment company, Temasek. The proposed transaction values ICICI Prudential Life Insurance Company at Rs 32500 crore. Upon completion of the transaction, ICICI Bank will hold approximately 68% of ICICI Prudential Life Insurance Company while Prudential Plc, ICICI Bank's joint venture partner, will maintain its current share of approximately 26%, ICICI Bank said in a statement.
ICICI Prudential Life Insurance Company is a life insurance unit of ICICI Bank.
ICICI Bank's net profit rose 11.85% to Rs 3030.11 crore on 8.17% growth in total income to Rs 16106.22 crore in Q2 September 2015 over Q2 September 2014.
ICICI Bank is one of the leading private sector banks in India.
Powered by Capital Market - Live News
