ICICI Bank sold 4 percent stake in ICIC Lombard for Rs 2,250 crore


New Delhi: ICICI Bank said on Friday that it sold a 3.96 percent 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, the bank said that it would take steps if there is 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 face value of Rs 10 each. This amounts to 3.96 per cent of the bank’s share capital in the company as on 31 March 2020. This has given the bank an amount of about Rs 2,250 crore.