ICICI Bank share price benefited over a percent throughout the day on June 19 post the private sector lender sold a 3.96 percent stake in its insurance wing, ICICI Lombard General Insurance Company Ltd.
The stock has gained 25 percent from its March bottoms. But in general, it has remained rangebound amidst concerns in the banking sector for non-performing assets (NPAs) especially post the closing of the RBI’s moratorium on repayment of term loans.
On the same note of interest and agreeable to agreement permitted by the board, the bank said, it had on June 19 deprived 1.8 crore equity shares of ICICI Lombard General Insurance Company showing 3.96 percent of its equity share capital at March 2020.
The company sold its stake through open market transactions on the stock exchange for an estimated deliberation of Rs 2,250 crore. In continuation to this, the bank revealed its shareholding in ICICI Lombard General Insurance Company witnessed a dip to somewhere around 51.9 percent.