Categories: Business

ICICI Bank sold 4 percent stake in ICIC Lombard, deal for Rs 2250 crore

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ICICI Bank sells Rs2,250 crore stake in ICICI Lombard

new Delhi. ICICI Bank on Friday said it has sold a 3.96 per cent stake in ICICI Lombard General Insurance Company for Rs 2,250 crore. After this, the bank's stake in the company is 51.9 percent.

While announcing the bank's January-March quarterly results on May 9, 2020, ICICI said that it would take steps if there was an opportunity to correct its books. In the information given to the stock market, the bank said that after getting approval from the board of directors, it has disinvested 1,80,00,000 shares of ICICI Lombard with a face value of Rs 10.

This is equal to 3.96 percent of the bank's paid-up share capital in the company as on 31 March 2020. This has given the bank an amount of about Rs 2,250 crore.

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This post was published on June 19, 2020 3:32 pm

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