ICICI Bank to sells ₹2,250 crore stake in ICICI Lombard

ICICI Bank has divested 18,000,000 equity shares of face value of ₹10 each of ICICI Lombard General Insurance Company Limited. It is representing 3.96% of its equity share capital at March 31, 2020, on the stock exchange for an approximate total consideration of Rs. 2,250 crore.

Daily Current Affairs Quiz 2020

Key-Points

ICICI Bank shares were 0.10% higher at ₹352.35 on BSE in early trade.

ICICI Lombard General Insurance Company’s shares were down 1.2% at ₹1,261 apiece.

ICICI Lombard GIC Ltd. is the largeest private sector general insurance company in India with a gross written premium of ₹14,789 crore for the year ended March 31, 2019.

After the stake sale, ICICI Bank’s shareholding in ICICI Lombard General Insurance Company Limited stands at approximately 51.9%.